Passive Equity
The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.
The retirement fund terminated the manager due to underperformance.
The retirement system will conduct searches for domestic and global fixed-income and domestic and emerging markets equity managers.
The plans had issued an RFP for the services in the first quarter.
The plan’s general investment consultant will search for a new active international equity manager in the near future.
The plan is searching for domestic and international equity, core fixed-income and core real estate managers.
The plan consolidated its passive management to a single firm in August.
The plan is seeking a firm to replicate the MSCI EAFE Index.
The plan is seeking index managers to handle a total of $45 million.
The fund opted to replace its mid-cap growth investment due to underperformance.