Equity
The university approved a recommendation from its general investment consultant to add global equity managers in alignment with its fossil fuel divestment policy.
The changes stem from a new global equity manager structure.
The incumbent international large-cap value equity manager had been on watch due to underperformance, asset outflows and organizational changes.
The search is being conducted to comply with standard state procurement laws.
The plan selected two international small-cap value equity managers to conclude its search for a firm in the fourth quarter due to underperformance from the incumbent.
The plan’s outsourced cio hired global large-cap growth equity and Russell 2000 Index fund managers in the first quarter.
The search is required by state statute and the incumbent mid-cap core manager is Davenport Asset Management.
The university will consider adding global equity strategies with two firms within its portfolio to eliminate fossil fuel exposures within the portfolio’s equity allocations.
The retirement system could not come to an agreement with its previously hired manager.
The pension plan hired five non-U.S. equity managers and approved a new private equity portfolio structure last week.