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June 15, 2000 01:00 AM

Niagara Mohawk Power Corp., Syracuse, N.Y., hired four equity managers...

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    Niagara Mohawk Power Corp., Syracuse, N.Y., hired four equity managers for its $1.4 billion cash balance plan. They are: Legg Mason, $60 million in active large-cap domestic value; Alliance Capital, $60 million, active large-cap domestic growth; Morgan Stanley Dean Witter, $20 million, active midcap domestic value; and Putnam, $65 million, active EAFE.

    The plan increased its domestic equity allocation to 50% of total assets from 45%, reduced its domestic fixed-income allocation to 35% from 40%, and raised its international equity allocation to 15% from 12%, said Don Campanaro, investment trust principal. The changes are the result of an asset allocation study conducted by consultant Callan, he said.

    Funding for Legg Mason will come from terminating a $70 million active large-cap domestic value equity portfolio managed by Brinson; the remaining $10 million from the Brinson portfolio will go into cash, Mr. Campanaro said. Funding for Alliance and Morgan Stanley will come from reducing four of the plan’s five active domestic fixed-income managers’ portfolios by $20 million to $60 million each: Bradford & Marzec; J.P. Morgan; Wright Investors; and Western Asset Management. PIMCO’s $60 million in active domestic fixed-income will remain unchanged.

    Putnam’s EAFE portfolio will be funded mostly from cash, with additional funding coming from the fund’s international portfolio.

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