Large-Cap
The plan is hoping to capture more alpha through the manager change.
The retirement system last conducted a similar search in 2018.
The deferred compensation plan terminated two domestic equity managers and an intermediate core-plus bond manager in the third quarter.
The farmland manager will handle mandates totaling $28 million for two pension plans.
The retirement system transitioned its passive domestic equity mandates with BlackRock to active management in the third quarter.
The retirement system will hear from three international value equity managers at next month’s board meeting.
The search is being conducted to replace the plan’s incumbent global growth equity manager, which has been on watch due to underperformance.
The plan placed a domestic large-cap growth equity manager on watch at its Dec. 6 board meeting.
The board replaced its international large-cap value equity manager in October due to underperformance.
Active large-cap value and Wilshire 5000 index mandates were shifted into a Russell 1000 Index fund earlier this quarter.