IBEW/NECA, the $564 million defined contribution plan of the International Brotherhood of Electric Workers and National Electrical Contractors Association, Washington, has shifted all of its equities to indexing. It also hired Mellon Capital for a $50 million tactical asset allocation portfolio.
ASB was given responsibility for all of the plan's equities. Formerly it managed 19.7% of the assets in stock index funds; now it will manage the full 27.2%. The fund terminated IDS Advisory Group and Oppenheimer Capital, which were active equity managers.
In fixed income, ASB was terminated for a portfolio of undisclosed size, as ``we consolidated the fixed income,'' said John R. Long, chief investment officer. The remaining fixed-income managers are Boston Co. Asset Management, CIGNA America Fund, Morley Capital Management, Payden & Rygel and Smith Breeden.