Passive Equity
The retirement system agreed to part ways with an active manager that had been on watch due to lagging performance.
The retirement system will also see its deputy executive director retire next week.
The international small-cap growth equity manager underperformed and experienced asset outflows as well as organizational changes.
The pension fund opted to go passive for a formerly active domestic large-cap growth equity mandate.
The plan launched a search earlier this year to replace an active domestic mid-cap core equity manager.
The retirement system also hired two managers in its emerging markets equity search.
The pension plan also made a private equity commitment in November.
The retirement system diversified its previously all-passive domestic large-cap equity portfolio with the addition of an active large-cap core mandate.
The plan moved more than $70 million into passive strategies at its February meeting.
The institution approved an investment with a low carbon, global equity index fund within its pension and revised the target asset allocation for its largest pool of assets.
