NECA/IBEW Local No. 177, Jacksonville, Fla., hired Sawgrass Asset Management to manage $23 million in a broad-market fixed-income mandate. Trustees of the $55 million pension fund decided to hire Sawgrass and fund it by splitting the fixed-income portion of two balanced accounts to fund Sawgrass hire, said Kevin Tighe, executive director. Merrill Lynch and 1838 Advisors continue to manage the $32 million in equity assets of the two balanced portfolios.
Prudentials Andy Romer was the funds consultant.