Teamsters, Local 688, Negotiated Pension Plan, St. Louis, hired Marshfield Associates to manage $10 million in active domestic midcap value equities for the $200 million pension plan, said Richard Diffley, union trustee and plan chairman. Partial funding came from reducing an active domestic fixed-income portfolio, managed by Metropolitan West Asset, by $3 million to $35 million; the remainder came from terminating Boston Co. which ran $7 million in its Premier Value Equity Fund, for performance. The plan’s asset allocation is 57% fixed income and 43% equity.
Richard Watson, director of sales and marketing for Boston Co., said of the plan, "They are a longstanding and valued client.” He declined further comment.
Standard Valuations advised.