Bankers Trust, recently hired as the second named fiduciary for the $18.6 billion Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., selected seven managers and a custodian, said Mark F. Angerame, Central States director-financial accounting.
The seven, whose hirings are pending contract negotiations, will divide the approximately 15% of the fund, or $2.8 billion, which Bankers controls. In active international equities, Brinson Partners, Lazard and Putnam were hired; for active fixed income, PIMCO, Fiduciary Trust and Fischer, Francis; and for index funds in domestic and international equities and domestic fixed income, Barclays Global Investors.
Mellon was selected as custodian.
The managers and custodian are identical to those used by Morgan Stanley Dean Witter, which had been the sole named fiduciary and continues to oversee 85% of the fund.
Mr. Angerame said Bankers decided to use the managers based on performance and to minimize transition costs. The amounts assigned to the managers weren't available.
He said Bankers, which has sole authority to hire and fire and set allocations, could make changes in the lineup as it evaluates its portfolio.
