Trust Fund Advisors, the investment management unit of ULLICO Inc., Washington, hired active domestic equity managers Lee Munder Capital Group and New Amsterdam Partners as subadvisers. Munder will handle small-cap value, and New Amsterdam Partners will manage large-cap core/growth, said Cathy Humphrey, TFA's vice president of investment operations. Both asset classes are new to TFA.
Separately, TFA hired three managers to handle international equity portfolios, Ms. Humphrey said; she would not identify the firms until contract negotiations are complete. The managers will run large-cap value, large-cap growth and small-cap value portfolios, replacing terminated international equity manager Nicholas-Applegate. "We decided we had a much better opportunity to add value for our clients by hiring separate, specialized managers rather than going with the single manager approach," she said. Nicholas-Applegate still handles an active domestic large-cap growth equity portfolio for TFA.
TFA manages $1.3 billion for union pension funds. ULLICO has $38 billion in assets under administration and management. Evaluation Associates is consultant.