US Steel to shutter investment office

The pension fund for the US Steel Corporation will be cutting staff as it moves to outsource its investment functions.

United States Steel and Carnegie Pension Fund, the trustee for the pension and other benefit plans of Pittsburgh-based United States Steel Corporation, intends to cut its entire investment staff as it moves to outsource its investments.

The transition is expected to occur over the next couple of quarters. The pension fund is currently conducting a search for a firm to provide outsourced chief investment officer services.

UCF had 72 employees, of which 17 are investment professionals, according to a filing with the Securities and Exchange Commission. 

New York-based UCF, which was established in 1914, manages the assets of several defined benefit pension plans and retiree medical and life insurance plans sponsored by US Steel, as well as several defined benefit plans sponsored by other clients and a non-profit foundation sponsored by US Steel.

UCF had nearly $9 billion of regulatory assets under management as of March 30, according to the SEC filing.