Tesoro Petroleum Corp., San Antonio, hired Fidelity as bundled provider of its $70 million trustee-directed pension plan, said Jack Huffman, manager of retirement plans. Fidelity, which also is bundled provider for its $160 million 401(k) plan, replaced Frank Russell, which had run the plan's assets as a manager of managers, Mr. Huffman said. Plan officials wanted to improve returns while reducing plan costs, he said. Changing from the manager-of-managers structure had not been an objective of the search, and Frank Russell was allowed to rebid, he said.
Plan officials will begin asset-liability and asset allocation studies this month to help select funds for the pension plan, Mr. Huffman said.