IBEW Local 22/NECA, Omaha, Neb., invested $5 million in Vanguards Growth Index Fund, a mutual fund, said Ron Miller, administrator. The $31 million pension plan funded the move by terminating American Express Asset Management, which ran the money in active domestic large-cap growth equities. The portfolio managers had changed their investment strategy, Mr. Miller said. David Kanihan, spokesman for American Express Asset Management, declined comment.
The current asset allocation is 40% domestic equity, 50% fixed income and 10% international equity.
Asset Consulting Group advised.