San Diego Electrical Pension Trust hired Union Bank of California as master custodian, said Ken Stuart, administrative manager. The $200 million plan terminated U.S. Bank because of "philosophical differences," Mr. Stuart said. The search was conducted internally.
Separately, the plan increased two active domestic large-cap equity portfolios by $5 million each, Mr. Stuart said. Glenmede now runs about $34 million in value, and Montag & Caldwell now handles $28 million in growth, he said. The plan funded the moves by cutting $6 million from a PMG active domestic fixed-income portfolio, now at $21 million, and trimming $4 million from the Multi-Employer Property Trust, reducing that portfolio to $22 million. The changes were made to rebalance plan assets to the target allocation, Mr. Stuart said. Investment Performance Services assisted.
The plan's asset allocation is 60% equity, 20% real estate, 15% fixed income and 5% cash.