Iron Workers, Local 580, Joint Funds, New York, hired Lord Abbett to manage $30 million in an active balanced portfolio for its $120 million pension plan, and Lazard Freres and Buckhead Advisory Group to handle $15 million each in active balanced portfolios for the $192 million annuity plan, pending contract negotiations. A plan official, who asked not to be identified, said funding came from terminating INVESCO, which ran active balanced portfolios of $30 million each for the pension plan and the annuity plan. The termination was due to performance, the official said. INVESCO officials did not return calls seeking comment by press time.
Smith Barney advised.