Macsteel Service Centers USA Inc., Bensalem, Pa., hired Wells Fargo as trustee and Prudential Financial and Merrill Lynch to run about $24 million each in balanced portfolios for its $48 million pension plan, said Ed Lazar, vice president-human resources. Wells Fargo replaced Mellon, which was dropped because fees had increased, Mr. Lazar said. Previous managers 1838 Investment Advisors and Roxbury Capital, which ran $32 million and $16 million, respectively, both in active domestic equities, were terminated for performance, he said. No consultant was used.
Kevin Brown, director of finance for 1838 Investment parent MBIA Inc., did not return a call seeking comment by press time. Roxbury officials declined comment.