HIRINGS
Park Employees Annuity and Benefit Fund of Chicago hired Wellington Management as its first active non-U.S. equity manager. Wellington will run an initial $10 million for the $520 million fund. Assets will come from a reallocation among U.S. managers. The fund also may hire a second manager as assets become available, said Joe Fratto, executive director. Ennis Knupp assisted.
Crazy Shirts Inc., Aiea, Hawaii, hired Diversified Investment Advisors as its first bundled provider for its $13.5 million profit-sharing and 401(k) plan. Diversified will provide 13 funds and will replace two money managers and mutual fund providers used when profit-sharing and 401(k) were run as separate plans, said CFO Dennis Taylor. He would not identify the firms terminated. Smith Barney Consulting assisted.
Carleton Technologies Inc., Orchard Park, N.Y., hired Diversified Investment Advisors as a bundled provider for its 401(k) plan. A need for daily valuation prompted the move to the bundled approach, said Tama Gresco-Sauers, employee benefit/training administrator. Record keeper KBM Management was dropped, as were INVESCO, Federated Investors, Fidelity and Warburg Pincus as fund option providers.
The $7.5 million plan now has nine investment choices, which closely mirror the five options provided by the previous managers. The search was completed in-house
