International / Global / Emerging Markets
The plan’s sole emerging markets equity manager was first hired in 2018.
The plan expected to begin the search to comply with state regulatory requirements.
The searches stem from a new asset allocation and international equity structure review approved in February.
The retirement system eliminated its 6% target to the asset class this week.
The firm was terminated due to the plan’s overweight to international non-large-cap securities.
The plan selected a new emerging markets equity manager following finalist interviews held in January.
The retirement fund also adopted a new asset allocation to take advantage of higher interest rates.
The fund has decided to terminate its contracts with an international equity and emerging markets equity manager that handles approximately $8.5 billion to comply with state law barring it from investing in financial companies that boycott energy companies.
The foundation is eyeing more impact investments this year as it also reviews its fixed-income allocations.
The healthcare system redeemed domestic large-cap equity and emerging markets equity allocations and reallocated the proceeds with existing equity managers in its portfolio at the recommendation of its general investment consultant in the first quarter.