Marion County Law Enforcement Trust, Indianapolis, with $115 million...

Marion County Law Enforcement Trust, Indianapolis, with $115 million in defined benefit plan assets, completed a restructuring with the hiring of new managers to fulfill a new asset allocation. Equity managers hired were Vanguard for $10 million in an S&P 500 index fund; Key Asset, $5 million in large-cap value; Heartland Capital, $5 million in large-cap growth; Rice, Hall & James, $5 million in small-cap equities; and Scudder Kemper, $3 million in an international equity account based on the MSCI EAFE index. Brundage, Story & Rose was hired to manage $25 million and Sirach Capital, $20 million, both in core bond accounts. Brundage Story also received $10 million to manage in a defensive fixed-income strategy. Forstmann-Leff International was hired to manage $20 million in a core plus bond account. The pension plan had been invested entirely in fixed income, managed by its five custodial banks: First Chicago NBD, Union Federal, Banc One, National City and Key Trust, said the fund’s consultant, Joe Bill Wiley of Capital Cities. The fund moved to a single custodian — Key Trust — in April.