Domestic Equity
The decision came as the firm’s performance has been a drag on the plan’s return.
The plan’s domestic large-cap portfolio will now be passively managed.
The plan has current managers in the two asset classes.
The plan selected a new mid-cap growth manager over four other finalists to replace Allspring Global Investments at its August board meeting.
The plan will fund the new active manager from its index allocation.
The Santa Monica, Calif.-based outsourced cio firm is overweight on asset classes that capitalize on a strong U.S. economy buoyed by strong economic and consumer activity.
The retirement system is seeking a domestic mid-cap growth equity manager to handle a $12 million mandate.
The Lone Star State retirement fund terminated one equity manager and placed another two on watch this week.
The plan replaced its domestic mid-cap value equity manager, which had been on watch since January 2022 due to underperformance.
The plan expects to interview two finalists at its November investment committee meeting.