Industrial Employers & Distributors Association, Emeryville, Calif., hired Brandywine to manage $6 million in active domestic small-cap value equity for its $130 million pension plan, said David McKenzie, administrator and trust secretary. It also hired Reams Asset to manage $65 million in active domestic core fixed income; Mellon Capital to run $32 million in an S&P 500 enhanced index fund; Dodge & Cox to manage $10 million in active domestic large-cap value equities; and Baird Equity to handle $10 million in active domestic large-cap growth equities, he said. Funding for each of the new managers came from the January termination of Bankers Trust, which ran $117 million in core equity, bonds and immunized bonds, and Palley-Needelman, which ran $9 million in active domestic large-cap. The plan’s asset allocation is split 50/50 between equity and fixed income. Alan Biller & Associates advised.
Separately, the plan may do an invitation-only search for a manager to run $7 million in active domestic small-cap growth equity, said Mr. McKenzie. Current manager TCW, which manages the money in the TCW Galileo Fund, is on watch for performance, he said. If performance doesn’t improve, consultant Alan Biller & Associates likely will present a list at the Sept. 26 board meeting of up to three candidates to take over the assets, he said. Marc Stern, president of TCW Group, did not respond by press time.
