Marshall Erdman & Associates, Madison, Wis., hired Lord Abbett to manage a domestic small-cap to midcap value equity portfolio for the $53 million defined contribution/profit-sharing plan, said Alan Hembel, senior vice president, secretary and treasurer. The size of the portfolio has not been determined. Funding will come from terminating J&W Seligman, which ran active domestic midcap equities, and TCW, which handled active domestic small-cap equities, he said. Further details of the terminated portfolios were not available.
Plan officials were satisfied with the terminated managers performance but said Lord Abbetts approach offered less volatility, Mr. Hembel said. Smith Barney advised.