Maxus Energy Corp., Dallas, hired Northern Trust as manager of a $60 million S&P 500 index equity portfolio for its $130 million defined benefit plan.
Northern replaces two other passive managers, which Dan Imthurn, assistant treasurer, would not identify. He said the change was not performance related, but was done for efficiency reasons because Northern already is the plan's custodian as well as manager of $25 million in bonds. Principal Financial assisted.
City of Allentown (Pa.) Employees' Retirement System hired Seix Investment Advisors to manage $40 million in ``broad based'' intermediate U.S. fixed income. The assets will come from Meridian Investment, which will continue to manage the remaining $35 million U.S. equity portion of its formerly balanced portfolio. Contracts have yet to be signed, said Linda Bodnar, director of finance.
Legg Mason assisted the $137 million fund.