Plumbers & Steamfitters, Local 219, Akron, Ohio, hired Atalanta/Sosnoff Capital to run $6 million in active domestic large-cap growth equities, said John Wagner, trustee. The $29 million pension plan funded the move by reducing Oak Associates' active domestic small-cap growth equity portfolio to $3 million earlier in the year, Mr. Wagner said. Plan officials felt that Atalanta/Sosnoff's portfolio was more balanced and would perform better than Oak's, he said. Howard Monaghan of Hewes Communications, public relations firm for Oak, declined to comment.
Separately, the plan has begun a shortlist search for a manager to run a new core bond portfolio, Mr. Wagner said. The portfolio size has not been determined, but funding might come from equity, he said. Trustees hope to interview finalists at their December meeting and have a manager hired by Jan. 1.
D.A. Hudson & Associates is consultant.