The $600 million pension fund of Parker-Hannifin Corp., Cleveland, rebalanced its fund and hired three new managers.
Putnam Investments will manage $53 million in core equity growth; Capital Guardian Trust will manage $35 million in international equity; and Apodaca-Johnston will manage $35 million in small-cap equity.
The fund needed to be rebalanced for diversification purposes, said Tim Pistell, treasurer. The international and small-cap exposures are new to the fund, he added. Funding for the new managers will come from reducing allocations to existing managers; no managers were terminated. SEI Corp. assisted.