Stepan Co., Northfield, Ill., hired Russell Investment Group as manager of managers for its pension and employer-directed profit-sharing plans, which have combined assets of $60 million, said Jim Hurlbutt, vice president and corporate controller. Plan officials "wanted to get out of the business" of overseeing external managers, Mr. Hurlbutt said. He declined to name the previous managers, which were the same for both plans, he said. No consultant was used.
The Money Market Directory lists both plans' managers as of March 2000 as Putnam Investments and Vanguard.