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.
The plan currently has two international small-cap equity managers.
The plan is tentatively scheduled to search for active management in emerging market debt and emerging markets equity next year.
The firm underperformed for two consecutive calendar quarters.
The firm is winding down after losing significant assets in November.