International Union of Bricklayers and Allied Craftworkers, Washington, hired Western Asset Management to run $180 million in core-plus fixed income and PIMCO to manage $50 million in active intermediate fixed income, said Jack Marco, chairman of Marco Consulting Group, the fund's independent fiduciary. The $1.2 billion pension fund terminated three fixed-income managers that had run the $230 million. Mr. Marco declined to name the firms but noted that the terminations were not performance-related.
The fund also hired international large-cap equity managers LSV Asset Management value and Oechsle International. Each will run $60 million, LSV in value and Oechsle in growth. Funding will come from reducing the plan's domestic large-cap equities portfolio, but no manager will be terminated.
The plan also added hedge fund-of-funds managers EnTrust Capital and Mariner Investment Group to handle $31 million each. Funding will come from reducing fixed-income investments; no manager will be terminated.
David Stupar, executive director for the fund, did not return a call seeking comment.