Domestic Equity
The search is required by state statute and the incumbent mid-cap core manager is Davenport Asset Management.
The pension plan agreed to consider replacing its domestic large-cap core equity manager due to underperformance and a recent personnel change.
The plan is seeking firms to manage a total of $100 million.
The retirement system made domestic mid-cap growth and value equity manager changes this month.
The search for a manager to handle $30 million was approved at a board meeting last week.
The plan selected the firm to handle roughly $9 million following finalist presentations at today’s board meeting.
The plans previously agreed to move their active domestic large-cap growth equity asset class to a passive mandate in December.
The plan expects to hire a new domestic mid-cap growth equity manager later this month.
The plan made several changes to its manager watch list at a recent meeting.
The investment manager has named a new lead portfolio manager for its small and small- to mid-cap equity team.
