Pfizer Co., New York, hired Boston Partners Asset Management to replace Reich & Tang Capital Management to run a $100 million midcap value portfolio, said David Webber, manager of benefit finance for the $5.8 billion plan.
Reich & Tang was terminated for performance reasons, Mr. Webber said.
Rodney Kulp, CIO for Reich & Tang, did not return phone calls.
Pfizer's other midcap managers are Forstmann-Leff Associates and Iridian Asset Management, each managing a $120 million growth portfolio.
The search was done in-house.