Equity
The manager hire concludes a domestic all-cap equity index manager search, which the program launched in March.
Proposed structure would shift the allocation closer to its MSCI All Country World Index ex USA benchmark and increase active management to 70% from approximately 40%.
The retirement system authorized its cio to terminate several public markets investments last month.
The searches result from a new domestic equity structure.
The foundation added two new small-cap equity strategies during the second quarter through full and partial redemptions from two existing small-cap managers.
The two manager terminations stem from underperformance, asset outflows and high fees.
The pension plan terminated its domestic micro-cap equity manager last month due to underperformance.
The university recently increased its allocations to domestic equity and intermediate-term fixed-income following a recommendation from its outsourced cio, which completed an annual strategic asset allocation review.
The two firms will handle a total of more than $2.5 billion.
The plan will invest $150 million into Ninety One’s Global Environment strategy.