St. Paul (Minn.) Electrical Construction hired active domestic large-cap value equity manager DePrince, Race & Zollo to manage $12 million for its $81 million pension plan and $7 million for its $75 million money purchase plan, said Donald Callies Jr., administrator. Funding will come from terminating U.S. Bancorp Asset Management, which ran similar portfolios, because of performance.
Mark Pilon, senior relationship manager for U.S. Bancorp Asset, said St. Paul Electrical Construction "remains a good client of U.S. Bancorp Asset Management. The firm continues to manage $2.5 million for the pension plan and $3 million for the money purchase plan, both in active domestic small-cap growth equities, he said.
The pension plan asset allocation is 65% equity and 35% fixed income. Alpha Investment Consulting advised.