Frederick Memorial Hospital, Frederick, Md., hired Thomas White International to manage a $6.2 million large-cap value equity portfolio for its cash balance plan. Officials of the $23 million plan also placed $10 million in the Vanguard Total Bond Index fund and $6.8 million in the Vanguard 500 Index fund.
The hirings follow a performance review of the plan, which resulted in the termination of the funds sole manager, ASB Capital. Performance was an issue, said Bonnie Madison, manager of human resources. An official at ASB declined to comment.