Worker Benefit Plans of the Lutheran Church-Missouri Synod, St. Louis, hired AllianceBernstein Institutional Investment Management to run $200 million in active global all-cap equity, according to Thomas Neely, the $3 billion plans' CFO and CIO. Partial funding will come from closing a $75 million active domestic large-cap growth equity portfolio run by AllianceBernstein, with the remaining assets coming from rebalancing other global equity portfolios run by Wellington Management and Capital Research & Management, which manage $230 million each. No managers will be terminated, Mr. Neely said.
The change was made to move the manager toward a less style-specific portfolio and broaden the portfolio for greater flexibility, Mr. Neely said. Ennis Knupp assisted in the invitation-only search.