ChevronTexaco Corp., San Ramon, Calif., hired J.P. Morgan Chase as master trustee custodian for the soon-to-be-combined assets of the $3.5 billion Chevron fund and the $1.2 billion Texaco fund, said David P. Smay, general manager-benefit plan investments. J.P. Morgan Chase had been Texacos custodian; Deutsche Bank, Chevrons custodian, also was a candidate. He declined to name the other candidates.
The assets of the two domestic pension funds will be combined Nov. 1, he said, although the plans wont be consolidated in terms of benefits until at least next year.
J.P. Morgan Chase was favored for its Internet-based tools, including its ability to give ChevronTexaco executives daily asset value information, Mr. Smay said.