Dechert Price & Rhodes, Philadelphia, hired Frank Russell to manage its $24 million defined benefit plan and to provide most of the investment management options for its two defined contribution plans, which total $146 million. Russell will provide trust services, administration, record keeping and employee education and communication for all three plans; and it will assume full management of the defined benefit plan and provide 13 of 16 options for the defined contribution plan. Three funds run by outside managers from the plans old structure were retained. William Scott Magargee III, chairman of the companys pension investment committee, declined to identify them.
The plans old structure used a combination of 28 mutual funds. Vanguard was the record keeper for the 401(k) plan; Alliance Benefit was the record keeper for the H.R. 10 plan; and First Union was the trustee of the defined benefit plan.
Mr. Magargee said the changes were made to simplify and consolidate management of the plans. The search was conducted internally.