New Orleans Board of City Trusts hired nine managers for the $145 million New Orleans Fire Fighters Pension Plan for employees who retired before 1968, said Michael Lewis, trust secretary.
Fred Alger will manage $10 million in active domestic midcap growth equities; NCM and MFS, $9 million each in large-cap growth equities; J.&W. Seligman and Cutler, $9 million each in large-cap value equities; Earnest Partners, $15 million in fixed income; Liberty Bank and Hancock Bank, $15 million combined in fixed income as a partnership; and Ariel, $9 million in small-cap to midcap value equities. Mr. Lewis said the plan is negotiating with other managers to handle the remaining assets. He would not provide further details.
UBS PaineWebber advised.