Long Island Lighting Co., Hicksville, N.Y., hired Columbus Circle Investors as the first manager for its voluntary employees' beneficiary association trust.
The fixed-income mandate, of an undisclosed amount, will be the first asset class to be added to the $53.5 million trust since its creation in 1994. Assets had been with Bank of New York in a cash reserve account, said Mike Senicola, capital markets supervisor.
The company is reviewing more managers and plans to make some decisions on additional asset classes by the end of the year.
