CHEMCENTRAL Corp., Bedford Park, Ill., hired Northern Trust and Banc of America to manage a total of $25 million in a mix of domestic and international equities for its $75 million pension plan, said Ken Krausz, director of benefits; styles will be decided by the end of the month. It terminated Deutsche Bank to consolidate plan administration and because the plan had initially selected Zurich Scudder prior to that firm's acquisition, Mr. Krausz said. Deutsche Bank ran $5 million each in active domestic large-cap value and growth equity portfolios, $5 million in international equities, $5 million in domestic fixed income and a total of $5 million in active domestic small-cap value and growth equity portfolios. Plan trustees have considered shifting to a manager-of-managers approach but question the objectivity of outside managers, Mr. Krausz said.
The plan's asset allocation is 44% fixed income, 42% domestic equity, 7% international equity and 7% real estate.