New Mexico Pipe Trades Pension Trust Fund, Albuquerque, hired UBS Financial Services as investment consultant for its pension and 401(k) plans, effective Dec. 1, said John Case, financial secretary and treasurer. UBS replaced J.H. Ellwood, Mr. Case said. Trustees wanted a firm with an Albuquerque office that would accept fiduciary responsibility; J.H. Ellwood did not have the responsibility, Mr. Case said. Any investment changes to the plans would occur after January, Mr. Case said.
The pension plan has $85 million in assets, and the 401(k) plan has $35 million, according to the Money Market Directory.