New Orleans Employees' Retirement System named First Bank and Trust, Hibernia National Bank and incumbent Bank One as finalists in its shortlist search for a new custodian, said Jerry Davis, chairman. Officials at the $350 million pension plan want a better securities-lending operation and better returns on cash, he said. The board may make a selection at its Oct. 15 meeting.
The plan's asset allocation is 65% domestic equity, 30% domestic fixed income and 5% alternatives. Morgan Stanley Investment Consulting is assisting.