BT Retirement Plan, London, is searching for an active money manager to offer funds for its new defined contribution plan. Officials also hired actuary Bacon & Woodrow and index manager Hermes Investment Management as advisers to the new plan, expected to have £20 million ($28.5 million) within a year.
Colin Hartridge-Price, secretary to the trustees of the new scheme, said trustees were looking for an active manager to offer unitized funds in a range of asset classes. A request for proposals is being drawn up, but no date has been set for release. Plan trustees hope to appoint a manager by September.
The plan was set up on April 1 for new BT employees. The firm closed its £29 billion defined benefit plan to new members, Mr. Hartridge-Price said.