Oregon Operating Engineers, Local 701, Gladstone, Ore., hired two managers for its $200 million defined benefit plan, said Mark Holiday, the fund's business manager. Putnam was hired to run $35 million in large-cap, core growth stocks. Morgan Grenfell was hired for $50 million in U.S. bonds.
Plan assets had been managed by two value equity managers, Crabbe Huson and Capital Consultants. Capital Consultants still runs the union's defined contribution plan but was terminated for the defined benefit plan. Crabbe Huson's allocation was reduced to fund the new hires. SEI assisted