Asset Study/Review
The fund will consider hiring an overlay manager to synthetically replicate its public credit benchmark and policy index after holding a second reading and considering adopting proposed changes to its investment policy statement and strategic asset allocation.
The fund received three potential asset allocation mixes from its general investment consultant last month and will further review and potentially adopt a new asset mix at its August board meeting.
The board was notified of two recent equity manager terminations and a new private equity commitment.
The organization revised its target asset allocation last week, boosting its target to fixed-income at the expense of REITs, which is expected to result in the liquidation of an exchange traded fund.
The plan approved a new real estate manager structure that factored in the implementation of a recent manager hire and adopted a new asset allocation last month.
The plan expects to hold finalist interviews in September as part of an ongoing manager search and approved changes to its equity manager target allocations yesterday.
The pension plan hired a manager to implement its maiden 7% target to domestic fixed-income as part of a new asset allocation policy in March.
The pension plan hired a multi-sector fixed-income manager to replace a core-plus manager in March.
The plan will issue an RFP for ACWI ex-U.S. managers in the coming weeks.
The fund will receive an education on a potential new strategy from its general investment consultant in July as it also looks to approve a new investment policy statement and strategic asset allocation.