Fixed-Income
The county deferred compensation and defined contribution plans swapped out an incumbent core-plus fixed-income manager under scrutiny from the SEC.
The retirement system added a trio of domestic core-plus fixed-income investments at last week’s board meeting.
The hire concludes an RFP process that began in May.
The plan’s core-plus fixed-income mandate assets have been redistributed to other bond managers.
The pension fund also added several private markets commitments in recent months.
The change comes after terminating its active manager, which failed to meet its performance objective and has showcased organizational risk.
The plan also held finalist interviews with three large-cap value equity managers last month.
The foundation liquidated a core-plus fixed-income mandate and replaced two emerging markets equity managers in the third quarter.
The plan conducted a liquid credit manager search after approving a new asset allocation policy earlier this year.
The plan hired two new core-plus fixed-income managers to replace Western Asset Management.