International / Global / Emerging Markets
The plan also revised its upcoming fixed-income and international equity manager search timelines.
The manager was placed on watch last year for underperformance.
The retirement system terminated an international value equity manager, which has been on watch, at a recent board meeting.
The pension plan will consider potentially replacing its international small-cap core equity manager due to underperformance.
The deferred compensation plan recently made several changes to both its equity and fixed-income portfolios.
Somerset had been in advanced talks to transfer its top performing funds to a new investment advisor.
The pension plan liquidated an approximately $237 million global equity mandate and made commitments totaling $1.4 billion in October.
The plan’s current manager is on watch for performance reasons.
The pension fund hired international small-cap core, growth and value managers to conclude a search initiated earlier this year.
The plan will also issue RFPs for global fixed-income and domestic small-cap core equity managers.