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The plan instructed its consultant to prepare an analysis of alternative firms to its incumbent core-plus bond manager.
The plan’s investment committee is recommending hiring two firms.
The firm’s new head of tactical asset allocation joins from Wellington Management Company.
The newly appointed president and ceo has been with the firm since 1990.
The plan is scheduled to approve changes to its asset allocation this week that would see the addition of new asset classes.
The plan will likely issue an RFP next year due to the contract expiration of its incumbent.
The deferred compensation plan received six proposals in response to an RFP issued in January.
The plan is set to conduct searches for domestic large-cap growth equity, mid-cap value equity, private markets and co-investment managers due to expiring contracts.
The dismissals were due to increased operating costs and management fees.
Strong performance in both global equity and fixed-income markets boosted returns for U.S. institutional plan sponsors in the third quarter, according to newly released data from Northern Trust.