Fixed-Income
The retirement fund currently works with fixed-income consultant RVK.
The plan terminated a manager that has been axed from several other pension funds in recent weeks.
The plan is seeking firms to handle an approximately $95 million mandate.
The plan also terminated its mandate with Western Asset Management at today’s board meeting.
The county deferred compensation and defined contribution plans swapped out an incumbent core-plus fixed-income manager under scrutiny from the SEC.
The retirement system added a trio of domestic core-plus fixed-income investments at last week’s board meeting.
The hire concludes an RFP process that began in May.
The plan’s core-plus fixed-income mandate assets have been redistributed to other bond managers.
The pension fund also added several private markets commitments in recent months.
The change comes after terminating its active manager, which failed to meet its performance objective and has showcased organizational risk.