The plan moved to an ACWI ex-U.S. manager from an EAFE manager at its board meeting this month.
Two-thirds of defined contribution plan sponsors are likely to conduct a fee study in 2023, according to a new survey from investment consulting firm Callan.
Andy Stewart will take over as ceo of Wilshire following the launch of Wilshire Indexes, a new operating entity that will hold the firm’s indexing business, the firm announced.
Investors in the fund include the New York State Common Retirement Fund.
The decision was made after the firm recently proposed an incentive fee floor.
The new position will be responsible for all private markets strategies at the $443 billion plan.
The plan had more than $430 million in the program at the end of 2022.
The plan made the commitment alongside approving a 3% target to the asset class at today’s board meeting.
The plan will look to fill allocations to private equity, global infrastructure and real estate.
The new manager will be partially funded by reducing the portfolio of the plan’s incumbent large-cap core manager.