Empire District Electric Co., Joplin, Mo., will invest in the Julius Baer International Equity commingled fund and add money to the INVESCO Core Fixed Income commingled fund, increasing its investment to $26 million, said Jan Watson, secretary and treasurer. She would not disclose the amounts of each new investment.
Officials at the $78 million pension plan will fund the Julius Baer investment by terminating the Nicholas-Applegate International Core Growth Fund because of performance and personnel changes. Funding for INVESCO will come from terminating Harris Investment because of performance; it ran the money in an active domestic fixed-income portfolio, she said.
Sue Hunter, spokeswoman for Nicholas-Applegate, did not return calls seeking comment by press time. Don Coxe, chairman and senior partner for Harris Investment, said the plan "probably had too many managers, from their standpoint, to be cost-effective. Although Harris long-term performance was good, last years performance was subpar, so it was a "very human reaction to drop Harris during consolidation, he said.