Electrical Workers, IBEW, Local 1, St. Louis, terminated Putnam, which ran $40 million in active domestic fixed income and $15 million in active domestic growth equity portfolio, said Corey Wirth, administrative manager. The $500 million pension plan will move $20 million each to active domestic fixed-income managers Rockwood Capital and Commerce Trust, bringing each portfolio to $70 million. The $15 million from the equity portfolio will be placed in the IBEW-NECA International Equity Index Fund, managed by ASB Capital Management. raising it to $55 million, he said.
The plan made the change because it is "difficult for active (equity) management to beat the market, Mr. Wirth said. Asset Consulting Group advised.
Matthew Keenan, spokesman for Putnam, declined comment.