Updated with correction
Delta Air Lines Inc., Atlanta, hired Wurts & Associates as outsourced CIO of its frozen defined benefit plan, confirmed Delta spokesman Trebor Banstetter.
Wurts' discretionary asset management division will be working in partnership with UBS Global Asset Management.
Segal Rogerscasey was the previous outsourced CIO in a partnership with UBS Global Asset Management.
Mr. Banstetter would not provide further details on the partnership.
Delta had $8.2 billion in defined benefit plan assets as of Dec. 31, and $21.5 billion in projected benefit obligations, for a funding ratio of 38.1%, according to the company's most recent 10-K filing.
As of Dec. 31, also according to the 10-K filing, Delta's actual allocation for the plan was 23% alternative investments, 20% international developed markets equities, 19% diversified fixed income, 17% domestic equities, 7% each emerging markets equities and cash, 5% hedge funds and 2% high yield fixed income.
Targets as of Dec. 31 were 23% diversified fixed income, 21% domestic equities, 20% international developed markets equities, 19% alternative investments, 6% emerging markets equities, 5% each hedge funds and cash equivalents, and 1% high yield fixed income.
Phone calls to officials at Wurts & Associates were referred to operations coordinator Jessica Magstadt, who did not return phone calls by press time.
Segal Rogerscasey officials said in a statement, “We value our relationship with Delta and are continuing to provide services to them going forward.” Segal Rogerscasey is general consultant for Delta's U.S. defined contribution plans, which had $10.9 billion in assets as of Sept. 30, 2012, according to Pensions & Investments data.