Electrical Workers, IBEW, Local 508, Savannah, Ga., hired Sawgrass Asset Management to run the pension fund's $9 million active fixed-income portfolio, said Stephen J. Lange III, managing principal with Investment Performance Services, the $25 million plan's consultant. Previous manager ICC Capital Management, which ran the money in a balanced portfolio, was terminated for performance, Mr. Lange said. ICC continues to handle $12 million in active domestic large-cap core value equities for the plan. Willie McLaughlin, business manager at the pension fund, confirmed the hiring and referred questions to Mr. Lange. Richard Rundell, fixed-income portfolio manager at ICC, declined to comment.
Investment Performance Services conducted the invitation-only search, Mr. Lange said.