An investor consortium led by B Capital and including the $625.7 billion California Public Employees’ Retirement System has agreed to acquire Russell Investments.
The retirement system recently replaced its domestic large-cap value equity manager due to underperformance.
The retirement system is seeking a firm to conduct a fiduciary performance audit.
The senior portfolio manager had been with the pension plan for 29 years.
The retirement plan had worked with general investment consultant NEPC since 2023.
The search is being conducted due to incumbent Hancock Whitney Investment Advisors’ upcoming contract expiration.
The investment specialist will assist in overseeing and managing the retirement system’s investment portfolio.
The new hire will co-lead the research function for performing credit alongside Brian O’Leary.
The deputy cio is responsible for leadership and oversight of the plan’s private market investments program.
The appointment represents the firm’s continued investment in its real estate capabilities.