West Hartford (Conn.) Town Pension Fund invested $61.5 million in the UBS Core Plus Fund, a new allocation, and also added $7.5 million to a Russell 1000 index fund run by State Street Global Advisors, raising it to $30.5 million, said Kenneth Miller, pension plan manager.
The $136 million pension plan funded the moves by dropping its $59 million investment in the UBS Bond Fund and terminating Simms Capital, which ran $10 million in active domestic large-cap growth equities. Simms was terminated for performance, Mr. Miller said. Jeanne Baio, an official in the portfolio management department at Simms Capital, did not return calls seeking comment by press time.
The plans asset allocation is 55% equity and 45% fixed income. UBS PaineWebber advised.