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The newly established role will further strengthen the equities platform, optimizing performance and fostering innovation across Principal’s global equity strategies.
The potential move comes as the strategy’s portfolio manager recently retired.
The retirement system approved the hire following a search report presentation from its consultant.
The foundation’s new co-chair will serve alongside Michael Arougheti.
The plan also terminated an emerging markets equity manager for performance reasons.
The domestic large-cap growth equity manager had been on watch due to underperformance.
The fund closed at €21.5 billion in total commitments, a 35% increase from its predecessor.
The new structure will result in manager terminations and searches.
The retirement system disclosed infrastructure and credit commitments totaling $300 million at today’s board meeting.
The plan approved the search at a board meeting earlier this week.