Fixed-Income
The pension is the latest to terminate the fixed-income manager in recent weeks.
The plan’s current manager has been under scrutiny due to organizational and personnel changes.
The replacement is due to recent organizational concerns at the incumbent firm.
The retirement system will revisit a search at its October meeting following finalist interviews held in August.
The two retirement systems will “address the issue again” in November.
The new consultant will begin its new five-year contract in February.
The company has selected a panel of firms to manage its investment grade fixed-income portfolios.
The pension plan has eliminated three asset classes as part of a newly approved asset allocation policy.
The fund held a special meeting earlier this month to terminate its long credit mandate with the firm.
The search stemmed from a discussion regarding a possible restructuring of the plan’s opportunistic fixed-income portfolio at a meeting yesterday.
