Heating, Piping and Refrigeration Local No. 602 Pension Fund, Washington, hired ASB Capital and Conseco to manage $57.5 million each in active domestic fixed income, replacing Allied Investment Advisors, which was terminated for performance. The $240 million fund also hired Chevy Chase Trust as custodian for the bond portfolio.
Jessica Jennings, principal at Allied, declined to comment on the termination.
However, the fund already is considering replacing Conseco because of personnel turnover, said William Lamb, fund chairman. Craig Andrews, Conseco director of communications, said he had no comment.
Segal Advisors assisted.