Operating Engineers International Union, Locals 94, 94A, 94B Annuity Fund, New York, hired Lord Abbett, TCW, INVESCO, Madison Investment Advisors and Killian Asset to manage a total of $50 million in active domestic large-cap equities, said Stephen McGahran, administrator for the $400 million fund. Lord Abbett will manage $15 million in value; TCW and INVESCO will manage $10 million each in growth; and Madison and Killian will run $10 million and $5 million, respectively, in core, Mr. McGahran said. Funding came from terminating two large-cap growth equity accounts; Mr. McGahran declined to identify the managers, saying they continue to run a total of $100 million in active domestic fixed income for the plan. He said plan officials wanted to "diversify equity styles and reduce risk."
The fund's asset allocation is 60% fixed income, 40% equity. Morgan Stanley assisted.
