JM Family Enterprises Inc., Deerfield Beach, Fla., hired Western Asset Management to handle $30 million in active core-plus fixed income, said Allen Browdy, vice president, treasury. The $300 million profit-sharing plan terminated the portfolio's previous manager for several reasons, including performance, and wanted to hire a manager with a "different style," Mr. Browdy said. He would not name the previous manager.
The plan's asset allocation is 45% large-cap equity, 10% small-cap equity, 10% international equity, 22% domestic fixed income, 10% international fixed income and 3% cash.
New England Pension Consultants assisted.