The International Union of Bricklayers and Allied Craftworkers, Washington, hired Marco Consulting as independent fiduciary for its $1.2 billion pension fund, said David Stupar, executive director for the fund. Marco Consulting, which has been the fund's investment consultant for 17 years, will step down from that role when it takes over as fiduciary Jan. 1. The union will hire another consultant, but Mr. Stupar did not provide details.
Jack Marco, chairman of Marco Consulting, said union is the firm's first independent fiduciary client. He said the firm will make managerial decisions for the fund, easing the burden on the board of trustees.