Fixed-Income
The retirement fund terminated three managers at last month’s investment committee meeting.
The search stems from a manager termination approved in September.
The retirement system will shift planned searches for bank loan and high-yield managers into a single search for multi-asset credit managers.
The plan will conduct a global multi-sector fixed-income search after establishing a new allocation to the asset class at a meeting yesterday.
The hire followed a consultant search report and finalist presentations held last month.
The retirement system also increased its fixed-income target at the expense of real estate.
The search was recommended to explore the space for a new core fixed-income manager.
The town opted to maintain its current strategy of investing in the local government pool over hiring an external manager.
The pension system will interview three recommended finalists at its March 6 board meeting.
The retirement plan also terminated a core-plus fixed-income manager.