International / Global / Emerging Markets
The deferred compensation plan replaced its international large-cap value equity manager in the fourth quarter due to underperformance.
The firm had been on watch since the first quarter of 2024.
The pension plan made commitments totaling $110 million last week.
The retirement system will consider placing its international small-cap core equity manager on watch at Friday’s board meeting.
The retirement system has approximately $159 million allocated to its incumbent managers.
The pension fund made the decision following a search presentation from its general investment consultant in April.
The hire concludes a shortlist search that resulted from a global equity restructuring last month.
The pension plan recently hired three private debt managers as part of an ongoing search.
Three firms were vying for the $30 million mandate.
The plan will look to identify potential replacements for its current international value equity manager.