Luzerne County Employees Retirement Fund, Wilkes-Barre, Pa., hired 17 new managers to replace the 30 firms terminated by the countys retirement board in September, said Steve Flood, county controller and board member. The $142 million fund also changed its asset allocation mix to 50% equities and 50% fixed income, from the 70/30 split it had in September, when the board voted to terminate all of the funds managers and change consultants, hiring Merrill Lynch to replace ASCO Financial Group. The managers were terminated for poor performance and high fees. The consultant was terminated because of the losses at the fund and allegations that it was too close to some money managers.
The new equity managers are: MFS Investment Management and NWQ Investment Management, active domestic large-cap value; Chase Investment Management and Davis Hamilton Jackson, active domestic large-cap growth; Sun Bank/Guaranty Trust, Berkshire Asset Management and C.S. McKee, active domestic large-cap core; ICM Asset Management, active domestic midcap value; Kayne Anderson, active domestic small-cap to midcap value; Penn Capital, active domestic small-cap value; Emerald Advisors and Westcap Advisors, active domestic small-cap growth; and Putnam, international. The new fixed-income managers are Allegiance Capital, M&T Bank, McDonnell and Wedge Capital.