International / Global / Emerging Markets
The asset classes were recommended by the OPEB trust’s new general investment consultant.
The pension plan replaced its global large-cap growth equity and domestic core-plus fixed-income managers in the second quarter.
The revised international equity portfolio structure shifts the allocation closer to its MSCI All Country World Index ex USA benchmark and increases active management to 70% from approximately 40%.
Proposed structure would shift the allocation closer to its MSCI All Country World Index ex USA benchmark and increase active management to 70% from approximately 40%.
The pension had launched a search for a new manager in May.
The retirement system authorized its cio to terminate several public markets investments last month.
The plan also removed a manager from the watch list.
The firm has launched a new team focused on private markets to invest in middle market private infrastructure companies in the energy generation and storage, transport and mobility and circular economy sectors in emerging Asia excluding China.
The foundation liquidated a core-plus fixed-income mandate and replaced two emerging markets equity managers in the third quarter.
The two manager terminations stem from underperformance, asset outflows and high fees.