Stichting Pensioenfonds IBM Nederland, Amstelveen, The Netherlands, transferred a 400 million guilder ($198 million) Dutch equity portfolio to Palladyne Asset Management. Fortis Investments had managed the portfolio, but the managers in charge left last fall to form Palladyne with the backing of United Asset Management. The IBM plan is the manager's first client.
IBM officials declined to comment. Officials at Fortis noted they still manage a substantial amount for the 4 billion guilder IBM fund.
American Freightways, Harrison, Ark., hired Prudential Investments as a bundled provider for its $90 million 401(k) plan. Prudential replaces NationsBank, which left the business, said Greg Satterfield, vice president of accounting.
The number of investment options will double to 10. Prudential will be the manager for half of the funds; the rest will be Putnam, PIMCO, Franklin and Kemper funds offered through Prudential. The search was completed in-house.
Plymouth County Retirement System, Plymouth, Mass., hired Dahab Associates as a consultant.
The firm likely will assist the $300 million fund in a search for a domestic bond manager this spring, said John McLellan, board chairman. The manager selected will run $200 million now handled in-house.
Dahab replaces The Hannah Group, which was included in the search.