Chase Manhattan Bank said a Fidelity Investments unit will do record keeping and trustee services for $2.6 billion of 401(k) assets that Chase manages.

The assets have been serviced by a Chase in-house processing unit in Houston, which will be closed, said James T. Buccella, a managing director at Chase Global Asset Management and Mutual Funds, a subsidiary of the banking company. About 100 people will be "displaced," and the parent company is working to find posts for them, Mr. Buccella said.

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