Core-Plus
The firm was terminated from an approximately $102 million domestic core-plus fixed-income mandate last month.
The search follows a structure review that calls for two core and core-plus managers.
The replacement is due to recent organizational concerns at the incumbent firm.
The retirement system will revisit a search at its October meeting following finalist interviews held in August.
The searches follow a review of the overall asset class this week’s meetings.
The termination request stems from the ongoing issues related to the SEC investigation and leave of absence by Co-CIO Ken Leech.
The water authority retirement plan replaced its domestic core-plus fixed-income manager in May due to underperformance.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.
The retirement plan replaced its domestic core-plus fixed-income manager yesterday.
The plan interviewed two core-plus fixed-income managers at a board meeting last week.