Hecla Mining Co. pension fund, Coeur dAlene, Idaho, is seeking a consultant to conduct an asset allocation that likely will lead to manager changes, said Phillips S. Baker Jr., the companys chief executive and a member of its pension board. Current consultant Milliman USA can rebid.
Mr. Baker said the $60 million fund might move into international stocks, primarily for diversification. The funds historic asset mix is 60% stocks, 27% bonds and 13% cash, though cash is currently at 25% because the fund sold off a large chunk of employer stock in late 2002 and early 2003, while Hecla stock was quadrupling in value. Mr. Baker said plan officials want to keep between 5% and 10% of plan assets in precious-metal stocks, but probably will shift to a diversified portfolio.