Pipefitters, Local 533, Kansas City, Mo., hired Diversified Investment Advisors as manager of managers for its $130 million pension plan, said Herb C. Millard, executive director. Plan officials wanted a more streamlined process for changing managers, he said. Consultant Merrill Lynch was terminated, Mr. Millard said. The plan’s asset allocation is 75% equity and 25% fixed income. No consultant was used.
Sean O’Connor, account executive with Diversified, said the firm will draw from its own pool of managers and will not use the managers who had worked with the plan. Mr. Millard could not name the previous managers.