Equity
The retirement system terminated an equity manager that handled two mandates yesterday.
The corporation revised its investment policy statement, including a new strategic asset allocation that increased targets to domestic large-cap equity, non-U.S. developed equity, absolute return, private debt, infrastructure and cash.
The plan is searching for a replacement for an underperforming incumbent.
The plan terminated the firm after closed session deliberations.
The plan hired domestic small- to mid-cap growth and value equity managers at a meeting today.
The retirement fund also terminated a Russell 1000 Growth Index fund manager today.
The retirement system is seeking a firm to handle between $10 million and $15 million.
The institution replaced its emerging markets equity manager last year due to a decline in assets and personnel turnover after considering six other firms.
The retirement fund also disclosed commitments totaling $1.1 billion in November.
The pension board will also target $1 billion to non-traditional equity strategies.