International Brotherhood of Electrical Workers, Washington, hired ASB Capital Management to run two passive S&P 500 index portfolios totaling $560 million, said Jack Marco, consultant to the $1.6 billion IBEW fund. The portfolios are $431 million and $129 million, said an ASB spokeswoman.
ASB replaces Allied Investment Advisors; Mr. Marco declined to say why Allied was terminated. Peter Hastings, portfolio manager at Allied, said, "Although we’re not certain of the reason these accounts left us, we are certain they’re not for performance reasons.”
