PNM Resources Inc., Albuquerque, N.M., hired Grantham Mayo van Otterloo to run $40 million in active international equities, said Ed Jeung, director of trusts and corporate investments. The $430 million pension plan terminated Marvin & Palmer and Lazard Asset Management for performance, Mr. Jeung said; they ran $20 million each in a similar style. Watson Wyatt Investment Consulting assisted. Steve Gannon, director of marketing and client service at Marvin & Palmer, and Rich Silverman, spokesman for Lazard, declined to comment.
Separately, PNM officials on Thursday will interview four firms in their search for a new investment consultant to handle the pension plan, the $200 million 401(k) plan, and $170 million in other trust assets, Mr. Jeung said. Officials will interview Ennis Knupp, New England Pension Consultants, Prime Buchholz and Wilshire. Watson Wyatt, consultant to the pension plan, and 401(k) plan consultant Mercer Investment Consulting also are finalists, he said. Officials want to consolidate consulting services, he said. A selection is expected in July. The 401(k) plan offers 22 investment options. Vanguard is bundled provider.