Fiduciary Transactional Assignments

Submitted by IFS on Fri, 04/01/2005 - 11:00
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IFS recently began several fiduciary transactional assignments and other projects:

  • Hibernia National Bank Employee Stock Ownership Plan and Retirement Security Plan
    Through these two Plans, employees of Hibernia own employer stock. A publicly traded bank based in New Orleans, Hibernia received an offer from Capital One Finance to acquire Hibernia and the latter’s board of directors recommended that merger to all shareholders. The Plans hired IFS as an Independent Fiduciary to evaluate the proposed merger and to instruct the Plans’ trustee how to vote the proxies associated with participant shares. Assuming the transaction proceeds, IFS is also responsible for instructing the trustee regarding whether and to what extent to seek merger consideration in the form of cash or Capital One stock.
  • A Multi-Billion Dollar National Taft Hartley Plan
    A multi-billion dollar National Taft Hartley Plan hired IFS to review, evaluate and report on its fixed income portfolio.
  • The Children’s Hospital Endowment, Cincinnati OH
    Upon completing an earlier assignment for this fund, the Endowment board asked IFS to develop a proposed, revised scope of services and standard form of agreement for the Endowment’s regular investment consultant. The board also asked IFS to structure a commission recapture program and assist the board in selecting one or more providers.
  • The 401K Plan of a New York Stock Exchange Company
    Approximately one third of the assets of the 401K Plan of this public company are invested in the company’s stock. The Plan’s investment committee hired IFS to evaluate its current investment policy statement and procedures regarding company stock as an investment option and to recommend enhancements. These enhancements concerned both the Committee’s processes and criteria for monitoring the continuing suitability of offering company stock as an investment option, as well as the Committee’s communications to participants regarding that option.
  • American Federation of Musicians & Employers’ Pension Fund
    The fund hired IFS to develop policies and procedures for effective collection of recoveries from securities class action litigation involving securities in the fund’s investment portfolio.
  • Dynegy Inc. 401k Savings Plan
    The Dynegy Plan hired IFS to decide whether to accept a proposed settlement of ERISA claims against the company. Those ERISA claims grew out of the same events that generated a securities class action against Dynegy, which was recently settled.