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Steve Klar, president, managing partner and head of the client platform at Wellington Management Company, will retire in June.
The search is required due to state procurement law requiring an RFP every seven years.
The plans selected a new firm this month as their incumbent provider is “getting out of the business.”
The hires followed closed session deliberations.
The plan recently added a portfolio manager to its team.
The plan is looking to add an investment analyst to its team.
The firm will provide non-discretionary investment advisory services for the city’s $487 million investment portfolio.
The defined contribution plan replaced its international large-cap value equity manager, which had been on watch, in the second quarter.
The retirement system added a senior investment officer of diversifying strategies.
The hire completes a review of the real assets portfolio that will now see it split evenly between one core-plus and two core managers.