MidAmerican Energy Co., Des Moines, Iowa, hired Janus to run $40 million in large-cap growth equity for its $500 million defined benefit plan. It also added the MFS Research Fund A as an option in its $230 million defined contribution plan.
Janus replaces Alliance Capital, terminated for performance reasons and because of style deviation. Alliance officials would not comment on the termination. MFS Research Fund A replaces Fidelity's Advisors Equity Growth T Fund. The Fidelity fund was dropped due to the continued "musical chairs'' at the firm, said Tom Foster, manager-investments.
Hewitt Associates assisted both searches.
Plumbers Local 130, Chicago, hired Congress Asset Management to manage $25 million in core growth equity for its $300 million pension fund. Congress replaces Loomis, Sayles, which was terminated because of poor performance, said John Bojan, fund supervisor and pension secretary. A spokesman at Loomis, Sayles said the firm does not usually comment on client relationships. Marco Consulting assisted.
CORRECTION: Farouki Majeed was identified incorrectly in yesterday's P&I Daily as chief investment officer of the Minneapolis Employees' Retirement Fund. His title is investment officer