HIRINGS
The £1.1 billion ($1.73 billion) NFC pension fund, Bedford, England, has been restructured, moving to a part-balanced, part-specialist manager lineup, said Barry Solomon, director of pensions. The fund dropped Baring Asset Management as one of its three balanced managers, while retaining balanced managers Prudential Portfolio Managers and PDFM. Mr. Solomon declined to discuss the termination of Baring or how much is allocated to each balanced manager. He said the fund adopted specialist management to take advantage of its size and to enhance returns. Legal & General Investment Management will run a £160 million U.K. passive equities portfolio; Fleming Investment Management, an active U.K. equity brief of the same size; Morgan Grenfell Investment Management, £50 million in continental European equities; Schroder Investment Management, a £50 million Far Eastern equity portfolio; Independence Investment Associates, a £20 million North American stock mandate; and AMP Asset Management, both an £84 million global bond portfolio and a £20 million cash fund. Chase Manhattan Bank was hired to provide custody for the portfolios managed by Independence and AMP. William M. Mercer was the consultant. Heublein Corp., Farmington, Conn., hired Oechsle International to run a non-U.S. equity portfolio in an amount to be determined. The firm replaces SEI International, which will be terminated. Callan assisted in the search. According to Nelson's Directory of Plan Sponsors, Heublein has $200 million in defined benefit plan assets and $121 million in defined contribution assets. Gran-Aire Inc., Milwaukee, selected Strong Capital Management's retirement plan services division as bundled provider for a new 401(k) plan. Chris Wodushek, assistant manager, said the plan package offers six diversified Strong funds, daily valuation record keeping, trust and administration, a toll-free voice-response system and employee communications and education
