International / Global / Emerging Markets
The plan adopted a new asset allocation mix at its board meeting yesterday.
The retirement system expects to launch an emerging markets small-cap search before the end of the year and a broad emerging markets search next year.
The plan is looking to invest up to $450 million with qualified managers.
The retirement system hired Dimensional Fund Advisors to handle international value and domestic small-cap value equity mandates last quarter.
The board replaced its international large-cap value equity manager in October due to underperformance.
The plan also made a hire to replace its mandate with Western Asset Management.
The plan will further review potential emerging markets equity manager replacement options in January.
The plan reduced its international small-cap equity portfolio to two managers from three at last week’s board meeting.
The plan is slated to select a shortlist of managers at its investment committee meeting next week.
The plan’s investment consultant will present potential alternatives at its next investment committee meeting.