Domestic Equity
The plan’s investment consultant recommended the termination due to the firm’s underperformance.
The pension plan hired two equity managers and replaced its existing money market manager in the second quarter.
The pension plan’s investment committee approved four commitments totaling $275 million last week.
The retirement system hired a new manager to replace BlackRock last month.
The pension plan will consider potentially replacing its domestic small- to mid-cap core equity manager, which has underperformed.
The program expects to conclude its domestic all-cap equity index manager search at a special board meeting this month.
The two managers were placed on watch for performance reasons.
The retirement system is set to issue RFPs for international equity and emerging markets equity managers next year.
The pension plan will liquidate its entire domestic equity roster.
The search is open to core, growth and value managers.