Universal Leaf Tobacco Co. Inc., Richmond, Va., expects to begin a...

Universal Leaf Tobacco Co. Inc., Richmond, Va., expects to begin a search by the end of the year for a master trustee, due to incumbent Wachovia Bank’s sale of its trust and custodian businesses to State Street Bank, said Karen Whelan, vice president and treasurer. State Street Bank, which becomes master trustee for the $124 million defined benefit plan Friday, will be included in the search, said Ms. Whelan. No timetable was set for completion. Separately, the plan hired Brandywine to run a $12 million small-cap value U.S. equity portfolio and State Street Global Advisors to run a $20 million Russell 1000 value index fund because of a recent asset allocation study. Funding will come from rebalancing. Additionally, Agincourt Capital was hired to replace Sovran as a $36 million domestic fixed-income manager after several Sovran staffers resigned to form Agincourt.