John F. Otto Co., Sacramento, Calif., has hired Diversified Investment Advisors as bundled-service provider for its $4.7 million 401(k) plan, replacing former investment provider Connecticut General, said Roger Ghilain, Otto comptroller. While he would not divulge the new investment options, Mr. Ghilain did say one of the dozen or so investment choices is a Schwab self-directed brokerage account. All 50 of the company’s employees participate in the plan, which has a dollar-for-dollar company match up to 5% of employee pay, Mr. Ghilain said.
Merrill Lynch signed a letter of intent to sell its listed energy futures and options businesses, which handle execution of exchange-listed futures contracts, to the futures division of ABN AMRO. Terms of the deal were not disclosed. Merrill Lynch said in a statement that this is not a core business for the firm.
