United Food and Commercial Workers Local 1496, Anchorage, Alaska, terminated Duff & Phelps, which managed a $30 million active large-cap value domestic equity portfolio. The $184 million plan is uncomfortable with the managers recent personnel turnover, said Walter Stuart, health and welfare committee chairman. A Duff & Phelps spokesman said the firm is disappointed.
The plan has begun a closed search for a value manager to replace Duff & Phelps. It also is considering splitting the money between the new manager and a new index fund manager, but details havent been decided. Mercer is assisting.