Domestic Equity
The plan also terminated eight managers as part of a public equity implementation.
The city will interview three small-cap core managers in October.
A foundation based in the Midwest has hired a new managing investment director from the investment team at a nearby organization.
The retirement fund’s investment committee recommended a pair of terminations as part of several changes within its U.S. equity portfolio.
The plan will receive information on three real estate managers at its November meeting, which will also see a presentation from an underperforming domestic equity manager.
The pension plan hired a new domestic small- to mid-cap value equity manager and made commitments totaling $980.4 million in June.
The searches come as the plan looks to increase the amount of active management in its global equity and U.S. small- to mid-cap equity portfolios.
Nonprofits stand to gain from the increases in efficiencies and profitability that AI technologies have brought large-cap companies, as long as they balance their portfolios and have a long-term view.
The retirement system was scheduled to interview three finalists in a domestic small- to mid-cap equity search at last month’s board meeting.
The plan’s investment consultant recommended the termination due to the firm’s underperformance.