Employers are changing up pension managers.

With a lukewarm stock market and continuing pressure on pension fund performance from the executive suite, more companies are swapping out their fund managers and looking for better replacements.

"Driving most manager searches is poor performance," says Greg Moore, director of research at Segal Advisors. "The number of clients asking us to do manager searches has increased over the past year."

The median corporate, public and nonprofit pension plans experienced no growth in the second quarter of 2004, according to Mercer's latest study of pension fund financ