Fixed-Income
The new consultant will begin its new five-year contract in February.
The company has selected a panel of firms to manage its investment grade fixed-income portfolios.
The pension plan has eliminated three asset classes as part of a newly approved asset allocation policy.
The fund held a special meeting earlier this month to terminate its long credit mandate with the firm.
The search stemmed from a discussion regarding a possible restructuring of the plan’s opportunistic fixed-income portfolio at a meeting yesterday.
The searches follow a review of the overall asset class this week’s meetings.
The plan is seeking strategies to replace a core-plus mandate with Western Asset Management.
The plan rehired its incumbents after receiving search reports in July.
The plan terminated two in favor of higher conviction managers.
The plan will vote to go back to a former general investment consultant next week.