Bowater Inc., Greenville, S.C., hired two equity managers and may hire two other managers in the next six months, a company official said. Hired were Putnam Investments for small-cap growth and Reich & Tang for midcap value; they will evenly split $35 million.
Funding came partly from terminating two managers the official wouldn't name; one managed small-cap stocks, the other ran large-cap stocks.
The $370 million plan is also looking into hiring another international equity manager to manage roughly $30 million or 8% of the fund's assets and a large-cap enhanced index manager for an undetermined amount.
RogersCasey is assisting.