Bloomington (Ill.) Firemen's Pension Fund terminated Merrill Lynch and A.G. Edwards, retaining Mischler Financial Group as sole manager of the $30 million plan, said Robert Coleman, president of the board. Merrill Lynch was terminated because the plan's representative left the firm and because of high fees and poor performance, Mr. Coleman said. A.G. Edwards was terminated because the board thought some of the firm's investment selections were not sufficiently aggressive and because the firm provided no portfolio management services, he said. The managers had each managed a third of the plan's assets.
Megan Ochampaugh, vice president of media relations at Merrill Lynch, did not return a phone call requesting comment by press time.
The plan's asset allocation is 65% fixed income, 35% equity.