Operating Engineers Pension Trust, Local 3, Alameda, Calif., hired Rainier Investment Management to run $150 million in active domestic small-cap to midcap growth equities, said Scott Whalen, senior consultant at Wurts & Associates, which assists the $3.2 billion pension fund. Funding came from terminating RiverSource Investments, which ran the money in a midcap growth portfolio, for organizational and performance issues, Mr. Whalen said. RiverSource's midcap growth strategy had been managed out of its San Diego office, which was closed late last year after the retirement of team leader Gordon Fines. Duncan Everett, who relocated to Minneapolis, now leads that team.
Paul Johnson, a spokesman from RiverSource, said the firm does not comment on client relationships.