Cendant Corp., Parsippany, N.J., hired tactical asset allocation manager PanAgora to run $16 million for the company's four defined benefit plans, with a combined $250 million in assets, said Mark Flynn, manager of retirement benefits. The plans, three of which are closed to new participants, have not invested in a TAA strategy in several years, Mr. Flynn said. The funding source has not been determined, he said.
The plans' asset allocation is 51% domestic equity, 43% fixed income and 6% international equity. Hartland & Co. assisted.