International / Global / Emerging Markets
The search is due to underperformance from the retirement plan’s incumbent manager.
The plan began searches for active domestic large-cap, small- to mid-cap and small-cap equity managers in February.
The plan also terminated three managers last week.
The county’s pension plan and OPEB Trust replaced their global core equity manager, which had been on watch due to underperformance, in May.
The search comes after the plan placed its incumbent international equity manager on watch in May.
The funds are being moved to an international index fund managed by Fidelity Investments.
Global equity represents a new asset class for the retirement system.
The trust fund has hired an international small-cap equity manager over two other finalists following a search and rehired its general investment consultant following an RFP from the second quarter.
The retirement plan replaced its domestic core-plus fixed-income manager yesterday.
The retiree trust fund may terminate an international small-cap equity manager without improved performance to end the year.
