International Union of Operating Engineers Locals 94, 94A and 94B, New York, hired Carret & Co. to manage $20 million in active domestic large-cap equities for its $350 million annuity plan, said Stephen McGahran, administrator.
Funding came from terminating a manager that ran $20 million in active domestic large-cap growth equity and $30 million in active domestic fixed income. He declined identify the manager or give reasons for the termination.
The plan also has a shortlist of managers for the $30 million fixed-income portfolio, he said. Stacey Braun Associates, which already managed $75 million in active domestic fixed income, is managing the assets temporarily, and there is no deadline for a decision, he said.
The plans asset allocation is 60% fixed income and 40% equity. Morgan Stanley Dean Witter advised.