Termination shifts large-cap growth assets to a passive allocation in anticipation of investing in mid-cap equities for the first time.
The board terminated three managers to “harmonize” the equity portfolios between its plans.
The plan hired a passive large-cap value equity manager as it looked to rebalance its large-cap exposure.
The investment committee approved selections after interviewing three finalists today.
A total of three firms will be interviewed at a special board meeting this week.
Plan received only one response to an RFP issued last month.
Plan added a $15 million private equity commitment at last week’s board meeting.
Consultant recommended small-cap value manager search as part of a U.S. equity structure review presented last month.
Plan may conduct a non-core real assets manager search in the third quarter and recently simplified its domestic equity portfolio.
Selected firm was one of three candidates.