St. Paul Electrical Construction, St. Paul, Minn., hired Clover Capital Management to run $3.25 million for its $85 million construction pension plan and $2.5 million for its $75 million supplemental pension plan, both in active domestic midcap value equities, said Donald H. Callies Jr., administrator.
Funding came from terminating Wright Investors Service because of performance, he said; Wright ran $7.5 million for the construction pension fund and $5 million for the supplemental pension fund, both in active domestic large-cap value equities. The remaining money from those portfolios was allocated to Northern Capital Management, increasing the active domestic large-cap growth portfolios it runs for each plan to $14.6 million and $10.9 million, respectively, he said.
Eugene Helm, chief operating officer at Wright, said, "We were pleased to serve St. Paul Electrical and hope to do so in the future. Recent performance had improved substantially, but apparently not enough for the trustees.
Alpha Investment Consulting assisted.