Kyocera International, San Diego, is considering a search for a large-cap growth U.S. equity manager to diversify its $40 million defined benefit plan, said Dan Pollard, manager of the treasury department. Mr. Pollard said if a search is launched, funding for the as-yet-undetermined allocation will come from reducing a large-cap value U.S. equity portfolio managed by Fox Asset Management. No timetable was set for a decision.
Separately, Mr. Pollard said four managers were hired to run separate accounts. They are: Fox Asset Management, $16 million, large-cap value U.S. equity; Munder Capital, $12 million, domestic fixed-income; INVESCO, $6 million, EAFE indexed; and Nicholas-Applegate, $6 million, small-cap value U.S. equity. Funding will come from terminating a $40 million balanced account portfolio managed by Provident Investment Counsel. Performance was not an issue. "Theyve been with us a long time and I hope to do business with them again, said Mr. Pollard.