Telephone and Data Systems Inc., Madison, Wis., overhauled its $55 million domestic equity portfolio. The $110 million retirement plan hired Vanguard, MAS and TCW to replace three of its four domestic equity managers, Homestead, Yacktman and Franklin, which handled about 90% of the portfolio and were terminated for performance, said Derek Racine, director-treasury operations. Acorn was retained.
Spokesmen from Homestead and Yacktman declined to comment. Franklin did not return calls by press time.
The fund also hired Wellington to manage an $18 million fixed-income portfolio. The money comes from Strong and FPA, which were dropped for poor performance, said Mr. Racine. Neither Strong nor FPA returned phone calls seeking comment. Loomis, Sayles continues to manage the remainder of the plans 25% fixed-income allocation.
The fund also hired Putnam to manage a $10 million core international growth equity portfolio, replacing the GAM and Hotchkis and Wiley international funds for performance-related reasons, Mr. Racine said. A Hotchkis spokesman declined to comment. GAM did not return phone calls seeking comment.