IBEW Local 357, Las Vegas, hired Freeman Associates Asset Management to run $11 million in active domestic large-cap value equities; Alliance Capital, $9 million, active domestic large-cap growth equities; Columbia Management, $8 million, active domestic small-cap growth equities; Payden & Rygel, $21 million, active domestic core-plus fixed income; and State Street Global Advisors, $21 million, passive domestic fixed income benchmarked to the Lehman Brothers Government/Corporate bond index.
The $88 million Taft-Hartley plan also committed $9 million to the IBEW/NECA S&P 500 index fund and $4.5 million to the Union Labor Life Insurance Co. J for Jobs program, said Jack Peterson, fund manager at Zenith Administrators.
Funding comes from terminating a $25 million balanced portfolio managed by INVESCO, a $46 million balanced portfolio run by Oppenheimer, and a $7 million active domestic large-cap growth equity portfolio managed by Loomis Sayles, due to performance issues, said Mr. Peterson. An additional $5.5 million came from plan participant contributions.
Neither Robert McCullough, CFO of INVESCO; Jeremy Griffiths, executive vice president and CFO of Oppenheimer; nor Kevin Charleston, CFO of Loomis Sayles, returned calls by press time.
The moves were made as the result of an asset allocation study by Marco Consulting, Mr. Peterson said.
