The Chattanooga (Tenn.) General Pension Fund hired Benchmark Financial Services to review the work of the $180 million plan's previous consultants, UBS PaineWebber and Morgan Stanley, over a seven-year period, said David Eichenthal, city finance officer. PaineWebber was consultant from 1996 to 2000, and Morgan Stanley, 2000 to 2003. The review will include the work of William Keith Phillips, who was with PaineWebber and moved to Morgan Stanley during the years under question. The fund wants to see how the consultant performed, said Mr. Eichenthal, declining to elaborate. He expects a report by the end of the year. The fund hired Consulting Services Group in 2003, replacing Morgan Stanley and Mr. Phillips.
Nashville & Davidson County Metropolitan Government Benefit Board found inherent conflicts of interest in an audit that led to a $10.3 million settlement in 2002 by UBS PaineWebber and Mr. Phillips.