Cash/Currency
The university wrapped up its fixed-income manager search from the third quarter by rehiring the incumbent firm.
The relative strength of the U.S. dollar in recent months has industry experts feeling it is an opportune time for some institutions to expose their portfolios to currency hedging.
The hire concludes an RFI that was sent to seven overlay managers in September.
The trust is seeking an investment manager and a money market provider.
The selected manager will handle approximately $373 million.
The plan approved a futures overlay manager search to remove its cash drag and also hired a new infrastructure manager yesterday.
The plan replaced the cash overlay provider for its Commingled Trust Fund and approved two private equity commitments yesterday.
The plan hired a passive international equity manager in an effort to implement a hedging program and will see their first investment officer depart next week.
Plan disclosed a $25 million buyout commitment and axed a currency overlay mandate in June.
The agency retained two of its existing investment managers at yesterday’s board meeting.