Plumbers and Steamfitters, Local 43, Chattanooga, Tenn., hired Wachovia Retirement Services as investment consultant to its $85 million pension fund, confirmed David Tolley, business manager and financial secretary. Wachovia will probably begin an asset allocation study soon, Mr. Tolley said.
Incumbent Investment Performance Services was not invited to rebid because of performance, Mr. Tolley said. Mitchell Green, managing principal and COO of IPS, was not available for comment at press time.
Fund officials also began an invitation-only search last year.