International / Global / Emerging Markets
The plan was unable to invest in a previously selected manager.
The city hired two equity managers and three private markets firms.
The commitment appears to represent a new relationship for the plan.
The RFP is slated for approval at the plan’s meeting next month.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
The search follows approval of new asset allocation policies, which introduced a 5% target to international small-cap equity for each plan.
The trust fund revised the target asset allocation for its reserve pool at an April meeting, increasing its targets to fixed-income and international equity, following a study on its investment policy and practices.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
The termination follows a completed asset/liability study.
The plan will include its two incumbent international value equity managers in a search to review the asset class universe.