Passive Equity
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.
Program is seeking up to two firms to handle four investment options.
