Philharmonic Symphony Society of New York Inc., New York, hired Bank of New York to manage $20 million in an S&P 500 index fund, and also committed $5 million to a Metropolitan West total return fund and $5 million to a PIMCO total return fund for the $30 million Orchestra Pension Plan, said William R. Thomas, chief administrative officer. He said the pension plan funded the new commitments by terminating Putnam as manager of $20 million in active domestic large-cap growth equity and $10 million in active domestic fixed income. Putnam continues to manage $21 million in active domestic equities for the $190 million endowment plan.
The termination was not a result of performance, he said. Rather, executives no longer wanted a growth-oriented strategy for equity and also wanted the "best of breed for fixed income. The current allocation is 67% equity and 33% fixed income. No outside consultant was used in the search.