Electrical Workers IUE/CWA Local 475, Pelham, N.Y., hired Salomon Smith Barney and NWQ Investment to manage $5 million each in active domestic value equities and $5 million each in active domestic fixed income for the $87 million pension plan, said Rafael A. Riviera, fund administrator. Funding came from reducing balanced portfolios run by Carret Investments and Unity Management, leaving each with $33.5 million, he said; the portfolios are a 50-50 split between active domestic growth equities and active domestic fixed income. Plan officials wanted to add value investments. Prudential Investments LLC advised.
The plans asset allocation is 50% equity and 50% fixed income.