Phelps Dodge Co., Phoenix, has merged its $850 million defined benefit plan with the $240 million plan of newly acquired Cyprus Amax Minerals Co. The new $1.1 billion plan retains all of Phelps Dodge’s managers; its consultant, BARRA RogersCasey; its custodian, Northern Trust; as well as its asset allocation.
The managers are: Barclays Global, domestic equity and tactical asset allocation; Fidelity, domestic and international small- and large-cap equity; Sanford Bernstein and Wellington, developed international equity; Capital Guardian, emerging markets equity; J.P. Morgan, global tactical asset allocation and real estate; PIMCO and Standish Ayer & Wood, domestic and international fixed income; and HarbourVest, venture capital.
The asset mix is: 22% domestic fixed income; 5% international fixed income; 5% high-yield fixed income; 3% international-linked bonds; 4% real estate; 3% private equity; 40% domestic equity; 15% developed international; and 3% emerging markets equity.
