Fixed-Income
The plan made a change in domestic core bond managers due to underperformance from its incumbent.
The plan’s former executive director has retired.
The plan will conduct fixed-income searches after approving a new target asset allocation that substantially increases its portfolio at a board meeting this week.
The plan expects to conclude the search process in the third quarter.
The plan asked its general investment consultant to prepare a search after an asset allocation discussion at today’s board meeting.
The plan increased its core bond target as part of asset allocation changes approved at last week’s meetings.
The plan hired a convertibles manager within its non-core fixed-income portfolio last quarter.
The city last issued an RFP for the services in 2016.
The plan approved a core-plus fixed-income manager search and terminated its hedge fund-of-funds mandate as the result of a new asset allocation policy.
The global firm has added several senior staff members to its Singapore-based fixed-income team in recent months.