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When Halliburton decided to separate its KBR unit and establish the construction and engineering business as a standalone company, it faced a daunting task: Culling out $8 billion from 16 retirement plans that were invested in common trusts. What made the split especially challenging was the fact that the $22.5 billion, Houston-based oilfield services giant eschews mutual funds, preferring separately managed accounts with more than 20 investment managers, explains Sharon Parkes, director of trust investments. “Companies that invest in mutual funds for 401(k)s can just tell the fund company what needs to be done, and have them do it,” Parkes notes.

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