Sierra Investment Partners introduced a commingled international equity fund for Taft-Hartley funds. Templeton Investment Counsel is the subadviser to the fund. The fund will have a minimum investment of $5 million. Equity research firm Davis Global Advisors will screen investments for human rights issues, child labor and environmental concerns, among other labor issues, said Tony Docal, lead portfolio manager for the new fund at Templeton. It can be benchmarked to the MSCI EAFE index and the MSCI All Country World index and will focus on value equity, he said.
Sierra created the strategy "because a lot of funds don't want to set up the custody work that's attached to investing in separate accounts," said Bruce Dereschuk, president of Sierra, a manager of managers to union pension plans.
An unidentified union fund has already invested $10 million in the fund, and three or four more investments totaling $50 million to $75 million are expected in the next few weeks, Mr. Docal said.