Desert States Employers and UFCW Unions Pension Plan, Phoenix, with $360 million in assets, hired Wellington Capital and Navellier as active domestic equity managers. Wellington will run a $45 million large-cap core portfolio, replacing Oppenheimer, which managed large-cap value equities; while Navellier will run $30 million in small-cap to midcap growth equities, replacing Wasatch in the same asset class. Oppehneimer and Wasatch were terminated because of performance, said Don Eibsen, principal at consultant Buck Consultants.
John Cashwell, Oppenheimer vice president, declined to comment. Eric Bergeson, Wasatch vice president of marketing, would not comment.