MFA Inc., Columbia, Mo., hired State Street Global Advisers to manage $30 million in active domestic large-cap growth equities for its $150 million pension plan, said Carol Winkler, plan administrator. Most of the funding came from terminating Mellon Equity Associates, which managed $25 million in a similar style, because it was not meeting its S&P 500 index benchmark, she said. The remaining $5 million came from reducing an active domestic midcap value equity portfolio managed by Southeastern Asset Management, leaving it with $30 million. The reduction was due to rebalancing, she said. Towers Perrin assisted.
Gregg Stein, Mellon spokesman, said that "over the last year weve made enhancements to our quantitative process for the benefit of all products and have seen some early yet significant indications of improved performance.