The plan’s investment consultant will present potential alternatives at its next investment committee meeting.
The responsibility for investing the city’s cash and trust funds previously resided with the finance manager and treasurer.
The plan rehired its incumbent to provide administrative, investment and communication advisory services.
Leech allegedly engaged in cherry-picking and assigned over $600 million of gains to favored clients and over $600 million of losses to disfavored clients over several years.
He left the firm last week to pursue a new opportunity with an investment management firm.
He will be responsible for evaluating new transactions, due diligence, underwriting and collaborating with portfolio companies.
The fund was created to pursue control investments in micro-cap distributed healthcare businesses.
The firm also hired two high-yield fixed-income managers to handle $450 million each.
The plan also disclosed several alternatives commitments approved at a board meeting today.
The plan will interview two fixed-income managers early next year amid a potential portfolio restructuring.