United Food and Commercial Workers Union and Employer Midwest Pension...

United Food and Commercial Workers Union and Employer Midwest Pension Fund, Park Ridge, Ill., hired three passive equity managers after an insurance company-guaranteed S&P 500 index portfolio — a GIC that guarantees the return of the S&P 500 — matured, said Daniel Ryan, fund administrator. Amalgamated Bank of New York, Lotsoff Capital Management and Investment Research each will manage one-third of the $156 million portfolio. While Amalgamated’s Long View S&P 500 fund is a full replication of the index, the other two firms are managing enhanced S&P 500 index strategies. Mr. Ryan declined to identify the insurance company that managed the portfolio for the $1.1 billion pension fund. Marco Consulting assisted in the search.