Bay Area Painters & Tapers Trust, San Francisco, hired three active large-cap domestic equity managers for its $350 million plan. Pioneer and Quest Investment Management will handle $30 million and $20 million, respectively, in growth portfolios; and Glenmede will manage a $50 million value portfolio. Funding comes from a $100 million active large-cap value domestic equity portfolio managed by Oppenheimer, which was terminated for performance reasons, said Alex Lawrence, administrator.
The trust also hired Mellon Capital as the sole investment manager for its $100 million defined contribution plan, replacing Oppenheimer. Mr. Lawrence said performance was the cause for this termination as well.
An Oppenheimer spokesman declined to comment.