Teamsters, Local 734, Chicago, hired PFA Trust Fund Advisors earlier this month to manage $10 million in domestic equities and probably will add a small-cap equity manager in the next couple of months to bolster manager diversification, said Erwin Pasch, administrator.
The $130 million Taft-Hartley plan will take $4 million from the fund's sole manager, Killian Asset Management, and the rest from cash. The new small-cap manager also would take a piece of Killian's assets, but trustees don't plan on terminating the firm, said Mr. Pasch. Investment Performance Services will assist.
Sarasota (Fla.) Firefighters' Pension Plan hired three managers in a restructuring that prompted the termination of the fund's two existing managers.
The $67 million fund hired Montag & Caldwell for $25 million in a balanced growth fund; STI for $25 million in a balanced value fund; and INVESCO for $17 million in a balanced value fund.
Newbold's was dropped because of personnel changes, and C.J. Lawrence because of performance, said Benita Saldutti, pension manager. Bob Harris, managing director of C.J. Lawrence, said the firm had two bad quarters and had done an excellent job for the fund in the past.
Merrill Lynch assisted