Electrical Workers Union, IBEW, Pension Benefit Fund, Washington, hired Ten Asset Management to run $150 million in active midcap core equities, said Jim Spellane, communications director for the $1.7 billion pension plan. He said the mandate will comprise mainly domestic equities but will also include a "limited amount" of international investments.
Ten Asset replaces Freeman Associates Investment Management, which was terminated for organizational reasons. The investment team for the portfolio moved to Ten Asset from Freeman, Mr. Spellane said.
There was no RFP issued; Marco Consulting assisted.