Fixed-Income
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.
He will implement investment strategy and oversee portfolio construction and trading.
The plan also slated domestic small-cap growth equity manager finalist interviews for its September meeting.
He assumed co-management of four new funds effective July 14.
The plan will hire multi-asset credit managers as part of the new structure and commit $170 million total to real estate in fiscal year 2023.
The $30 million transaction is expected to close in the third quarter.
The city hired two firms to replace a previously terminated core fixed-income manager.
The plan hired a new emerging market debt blended currency manager at the meeting, which also included discussions around including diverse asset managers in future searches.
No bond or currency managers expect inflation to fall below the Federal Reserve’s target in the next 12 months.