Grand Aerie Fraternal Order of Eagles Employees Pension Fund, Grove City, Ohio, hired Huntington Bank as custodian of its $16 million plan, replacing U.S. Bank, said Kimberly Timberlake, plan administrator. The plan will also terminate U.S. Bancorp Asset Management as its sole investment manager; both terminations are due to service and performance concerns, said Ms. Timberlake. A search for a new investment manager is ongoing and should be completed by July 1, she said. Plan officials did not use a consultant.
Steve Dale, spokesman for U.S. Bancorp, did not return a call seeking comment by press time.