Board Approves Selection of Investment-Management Firm

The Pennsylvania College of Technology Board of Directors has approved the engagement of Wachovia Bank for college investment management services.

The college requested proposals from area financial institutions and conducted an extensive evaluation of the 12 submissions it received.

Consideration was given to factors including the firms' proposed asset allocation, fees, relevant experience, investment performance and local management services. It was determined that Wachovia presented the strongest proposal to the college.

"We are fortunate to have received very good proposals from many of our fine local financial institutions, and we appreciate their interest in working with Penn College," said President Davie Jane Gilmour. "We have been very thorough in our analysis of the proposals received and are confident that Wachovia presents the investment management package that will bring the most benefit to the college. We look forward to working with Wachovia in this new relationship."

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