IBEW Local 380 Pension Fund, Collegeville, Pa., hired Phoenix Investment Partners and ASB Capital to run $22 million each for the $48 million defined benefit plan, said Michael Ullman, administrator. The firms will run the money in balanced portfolios according to the plan's investment guidelines of 50% to 75% of assets in fixed income; 25% to 60% in equity; and up to 25% in cash. Funding came from terminating Salomon Smith Barney for performance; SSB was the plan's sole investment manager. Trustees decided to hire two firms for diversification, following a shortlist search, Mr. Ullman said; the plan has never used more than one external manager. The balance of the plan assets is in mutual funds.
Officials at Salomon Smith Barney could not be reached for comment by press time.
