Equity
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.
The plan hired a new international value equity manager following finalist interviews at its September board meeting.
A total of four firms were interviewed at a board meeting today.
The foundation approved investments with two Black-led strategies as it looks to achieve its goal of allocating half of its portfolio to diverse-owned managers by the end of 2025.
The retirement fund made commitments totaling $2.7 billion in August.
The plan’s current international equity manager recently saw the departure of a portfolio manager.