IWA Forest Industry pension plan hired Newcastle to manage C$55 million (U.S.$37 million) in a synthetic S&P 500 fund, said Ross Steeves, director of investments for the Burnaby, British Columbia-based fund. Funding came from various accounts and a balanced portfolio run by Gryphon, which was terminated because the fund is in the process of upping its international exposure to 25% of assets, he said. The C$1.9 billion fund has 20% of its assets invested internationally, Mr. Steeves said. The synthetic fund will have Canadian money market instruments overlayed with S&P 500 futures, he said. Frank Russell assisted.