United Dominion Industries Inc., Charlotte, N.C., hired two international equity managers and one U.S. midcap manager for its $170 million defined benefit plan following an asset allocation study, said Thomas J. Snyder, vice president and treasurer.
T. Rowe Price and SpruceGrove Investment Management will split the fund's existing 15% target allocation to non-U.S. equities. They replace a manager that had been terminated; Mr. Snyder wouldn't name the firm. Also, Putnam will run a $15 million U.S. midcap equity portfolio, a new allocation.. Assets came from reducing large-cap stocks; no managers were terminated. Mercer assisted.