Fixed-Income
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The plan placed the firm on probation status at a meeting this week due to asset outflows.
The plan will begin a search for core fixed-income managers next month.
The firm has completed its acquisition of a specialist global ESG and impact fixed-income investment manager, adding approximately $1 billion to its total assets under management.
The plan hired a new manager to handle its bank savings fund option as it provides a more stable income source.
The will issue an RFP targeting smaller core fixed-income managers tomorrow.
Authority has issued yearly RFQ for investment management services.
The plan is looking for non-core fixed-income strategies enhance its portfolio.
The plan may conduct a search to replace its passive core fixed-income manager next year following an asset allocation study.
The plan added the short-term fixed-income mandate in a “defensive move” recommended by its consultant.