Fixed-Income
The retirement systems also eliminated global low volatility and TIPS allocations earlier this year.
The plan will consider a replacement search for its $331 million core-plus fixed-income mandate with the firm.
The pension fund also concluded an emerging market debt manager search with a hire at today’s board meeting.
The termination request stems from the ongoing issues related to the SEC investigation and leave of absence by Co-CIO Ken Leech.
The water authority retirement plan replaced its domestic core-plus fixed-income manager in May due to underperformance.
The fund approved terminating a core fixed-income manager and reallocating the assets with its two other existing fixed-income managers at its board meeting last week.
The plan’s investment consultant is recommending swapping for higher conviction managers.
The plan is seeking managers to handle a total of $5.9 billion.
The retirement fund will shift the $200 million mandate to a passive account at least initially.
The plan also made two private markets commitments today.