Fixed-Income
The pension fund also concluded a core fixed-income manager search with a hire at this week’s board meeting.
The plan is conducting the search to see what other options are available in the market.
The retirement system had anticipated initiating the search per state regulations.
The plan replaced its domestic core-plus fixed-income manager, which had been on watch for underperformance, in the fourth quarter.
The plan’s new passive global inflation-linked fixed-income manager replaces an incumbent firm.
The plan hired two core and two core-plus fixed-income managers, including two incumbents, at today’s board meeting.
New research finds fixed-income hedge funds are growing in popularity among global institutions that seek higher yields without liquidity.
The retirement fund terminated three managers at last month’s investment committee meeting.
The search stems from a manager termination approved in September.
The retirement system will shift planned searches for bank loan and high-yield managers into a single search for multi-asset credit managers.