Fixed-Income
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.
The searches follow a review of the overall asset class this week’s meetings.
The plan is seeking strategies to replace a core-plus mandate with Western Asset Management.