Equity
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.
The pension fund swapped out an active large-cap value equity mandate for a passive one in the second quarter.
The retirement board was also expected to hire a new manager in its domestic small- to mid-cap growth equity manager search.
The pension fund’s outsourced cio disclosed a pair of manager removals in the first quarter.
