Fixed-Income
The increased commitment will provide the plan with “an equal-weighted exposure” between its U.S. and European private credit managers and the termination will reduce volatility.
The plan committed $20 million to a new opportunistic credit manager.
The plan will hire a new high-yield fixed-income manager this fall.
The plan is likely to introduce a 5% allocation to the new strategy.
Authority is searching for a firm to manage $386 million in fixed-income assets.
The incumbent manager was first hired in 2006.
Three firms will vie for the plan’s new high-yield fixed-income mandate.
The plan last retained its general investment consultant in 2017 and has worked with its incumbent record keeper for 10 years.
The plan will add three value managers to its international equity portfolio.
The plan will consider swapping one target-date fund manager for Vanguard Group to cut costs.
