Fixed-Income
The plan will consider hiring five multi-asset credit managers and terminating five existing managers.
The university foundation added several strategies spanning private equity, domestic equity, commodities and high-yield and investment grade fixed-income within its endowment last year.
The university wrapped up its fixed-income manager search from the third quarter by rehiring the incumbent firm.
The search will target multiple managers to each handle a maximum of $600 million.
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.