Passive Equity
The plan is seeking passive managers for strategies across equity and fixed-income.
The domestic large-cap growth equity manager had been on watch due to underperformance.
The new structure will result in manager terminations and searches.
The plan approved the search at a board meeting earlier this week.
The plan approved launching a mid-cap index search for compliance reasons.
The search for each retirement plan is due to state statute requirements.
The contracts of incumbent providers will expire later this year.
The retirement fund terminated three managers at last month’s investment committee meeting.
The plan’s sole active large-cap growth equity manager has underperformed its benchmark.
Historic market concentration within the Standard & Poor’s 500 Index has led to a resurgence in active domestic large-cap core equity investing among institutional investors.