The approximately $2 billion Plumbers and Pipefitters National Pension Fund, Crofton, Md., hired four new managers to run about $200 million each.
Voyageur Asset Management and Phoenix Duff & Phelps will manage domestic bonds; Trust Fund Advisors, domestic equities; and Schroder Wertheim, a balanced portfolio.
Funding came from reducing the fund's allocation to ASB Capital Management.
``We have used ASB for many many years,'' said Bob Nicholson, fund administrator. ``The fund has gotten quite large, and with the market conditions being what they are, the board decided to diversify,'' he said.
The changes follow the recommendations of an asset allocation study by the fund's consultant, Segal Advisors.