Operating Engineers International Union, Local 94, 94A, 94B Annuity Fund, New York, hired Bear Stearns to manage $25 million in active domestic large-cap value equities, pending contract negotiations, said Stephen McGahran, administrator. Officials at the $350 million plan will reduce a fixed-income portfolio by $16 million to $22 million to fund the hiring, Mr. McGahran said; he would not provide further details about the portfolio. The remainder will come from employer contributions, he said.
The funds allocation is 60% fixed income and 40% equity. Morgan Stanley advised.