Domestic Equity
The search will be conducted to replace an incumbent small-cap core manager.
The plan’s board had been in a protracted search that had initially seen Verus hired over incumbent Callan and then the search restarted.
The pension plan hired a new domestic large-cap growth equity manager last month.
The retirement fund also disclosed commitments totaling roughly $1.7 billion in June.
The plan’s incumbent domestic small- to mid-cap core equity manager had been gradually underperforming the benchmark.
The hire concludes a replacement search conducted by the retirement system’s general investment consultant in February.
The retirement plan recently terminated two underperforming domestic equity managers.
The plan also retained two incumbent managers in its large-cap search.
The retirement board rehired its incumbent in 2019 following a similar search.
The plan’s general investment consultant recently recommended a review of domestic large-cap value equity managers due to the incumbent’s underperformance.