Electrical Construction Industry Pension Plan Board of Trustees, Milwaukee, hired NWQ Investment Management to run $10 million in active domestic all-cap value equity for its $166 million pension plan, said Beth Iding, administrative manager. The plan also invested $10 million and $13 million, respectively, in NIS/Wood large-cap to midcap value equity and TFA/Nicholas-Applegate large-cap value equity accounts. The plan also invested $13 million each in the Harbor Capital Appreciation Fund and the Capital Research Growth Fund of America, and $5 million in the TCW Galileo Select Fund; the mutual funds are new investments, she said. The plan also put an additional $40 million in the Chevy Chase IBEW-NECA Equity Index Fund, increasing that investment to $54 million, she said.
Partial funding came from terminating Strong Capital, which managed $40 million in active domestic large-cap value equities, and Oppenheimer Capital, which handled $34 million in active domestic midcap to large-cap value equities, said Ms. Iding. Both were terminated for performance, and Strong deviated from its large-cap style of management, she said. The plan also reduced two active domestic fixed-income portfolios: one managed by Baird Investment Advisors was cut by $13 million, to $24 million, and one run by NIS was cut by $17 million, to $25 million, she said. Strategic Capital Advisors assisted.
Drew R. Wineland, spokesman for Strong Capital, declined comment. Jeff Sheran, managing director of marketing with Oppenheimer Capital, did not returns calls seeking comment by press time.