The nearly $500 million EG&G Inc. pension fund, Wellesley, Mass., is...

The nearly $500 million EG&G Inc. pension fund, Wellesley, Mass., is spinning off an estimated $170 million in pension assets to Bechtel Power Corp., San Francisco, said Steven R. Wasserman, EG&G director-investments and financial analysis. The move is a result of EG&G getting out of the Department of Energy's management and operations contracts. Bechtel won the contracts when they were re-bid. EG&G plans to transfer in April the assets in-kind in proportion to their asset allocation in the fund; the amount depends on completion of actuarial and asset valuations. The fund's allocation is 65% equities, including international, and 35% fixed income, real estate and other assets. EG&G plans to retain its 15 or so money managers, but with reduced assignments. Bechtel officials couldn't be reached for comment on whether Bechtel will continue with the managers and allocation after the transfer. Evaluation Associates is assisting EG&G with the change. The $500 million Wellesley College endowment, Wellesley, Mass., is searching for an associate treasurer. The new person will assume the investment management oversight duties of Rene Steward Poku, now assistant vice president-budget and planning. Trust Co. of the West signed a joint venture agreement with Berkeley Quantitative Advisors to manage a new enhanced domestic index strategy. Financial terms were not disclosed. BQA will manage the index product, which will be built by selecting 250 to 350 issues from the S&P 500 through a quantitative analysis of 26 proprietary factors. TCW will oversee the marketing and administrative support for the product, which it will offer to clients as one of its domestic equity strategies.