Iron Workers Field Pension Trust Funds of California, Pasadena, hired Peoples Benefit Life to manage $145 million in an active S&P 500 GIC portfolio. The $1.26 billion plan made the move to diversify its equity portfolio, which will be rebalanced to fund the new manager, said Sam Ginsburg, senior associate at consultant Alan D. Biller. He declined to provide further details.
The plan also is considering whether to allocate $60 million to active international equities, also for diversification. Mr. Ginsburg would not offer any other information.