International / Global / Emerging Markets
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.
The plan first hired managers for the asset class in 2015.
Plan intends to issue an RFP to seven to 10 firms in June after narrowing the universe to 15 potential candidates through screening.
The plan transitioned to an external currency emerging market debt mandate to move away from its incumbent local currency mandate.
The fund added a global real estate strategy and passive international equity strategy with a New England-based firm to its roster of underlying funds to add more yield and reduce overall fees.
The plan recently committed approximately $2.2 billion total to nine funds.