Fixed-Income
The selected firm will manage two fixed-income portfolios valued at roughly $937 million.
The searches are part of an implementation plan following approval of a new asset allocation in May.
The fund will consider hiring an overlay manager to synthetically replicate its public credit benchmark and policy index after holding a second reading and considering adopting proposed changes to its investment policy statement and strategic asset allocation.
The retirement plan filled its new private credit allocation in the second quarter.
The board was notified of two recent equity manager terminations and a new private equity commitment.
The plan has issued RFPs seeking an active core fixed-income manager as well as index managers.
The organization revised its target asset allocation last week, boosting its target to fixed-income at the expense of REITs, which is expected to result in the liquidation of an exchange traded fund.
The plan hired two managers after interviewing a total of four finalists last month.
The pension plan hired a manager to implement its maiden 7% target to domestic fixed-income as part of a new asset allocation policy in March.
The plan approved the search at its board meeting earlier this week and has a 6% target to global multi-sector fixed-income.