Equity
The fund approved conducting a search for a U.S. small-cap value equity manager and an international growth equity manager to replace two existing firms within its portfolio due to a decline in strategy assets.
The deferred comp plan’s investment consultant will present an international large-cap value manager search report at next week’s meeting.
The plan also made a private equity commitment in June.
The retirement fund terminated an international equity manager due to underperformance as well as to reduce fees.
The manager hire was recommended as part of a public equity structure analysis.
The termination comes after the firm was placed on watch for performance reasons in the first quarter.
The trust funded the hires through the termination of two existing large-cap equity managers.
A trust fund based in a Western state has added a new global equity manager to its portfolio.
The pension system increased private equity and infrastructure and real assets following changes approved this week.
The search is due to portfolio manager changes and underperformance by the incumbent.