Plumbers & Steamfitters, Local 630, West Palm Beach, Fla., hired Missouri Valley Partners to manage $14 million in active domestic small-cap core equities for the $80 million pension plan, said Owen L. Culpepper, business manager.
Funding came from reducing two active domestic large-cap equity portfolios: one managed by Independence Investments, cut to $25 million, from $35 million; and the other run by Legg Mason, cut to $10 million, from $14 million, he said. Plan officials wanted to diversify, Mr. Culpepper said.
The funds asset allocation is 60% equity and 40% fixed income. Investment Performance Services advised.