International / Global / Emerging Markets
The plan hired a new emerging markets equity manager after interviewing three finalists today.
The retirement board selected a new emerging markets equity manager following finalist interviews held last month.
The retirement system hired a firm to replace its underperforming incumbent earlier this week.
The plan will target a proposed allocation of $12 million to $18 million for pacing purposes.
The actively managed strategy is part of a new series of mutual funds and accelerates the firm’s ongoing strategy to expand its in-house intermediary distribution network in the U.S.
The plan received an international equity structure review at today’s meeting that calls for a public RFP process.
The plan terminated its emerging markets equity allocation amid a “challenging environment” for the asset class.
Pension fund staff will conduct further review the universe of active emerging markets ex-China funds as part of an expected search request later this year after the board agreed to divest its current passive allocation to the asset class from the country.
The retirement system will conduct searches for international small-cap equity, high-yield fixed-income and bank loan managers.
The searches are required to comply with state procurement requirements.