Passive Equity
The retirement system replaced its Standard & Poor’s 500 Index Fund manager to cut costs in July.
The deferred compensation plan terminated two equity managers, which had both been on watch due to underperformance, in May.
The plan also terminated three managers last week.
The search will be for index products covering “various strategies with differing fund and account types and across numerous geographies and markets.”
The plan made manager hires this week after introducing new target allocations of 3% each to infrastructure and international small-cap equity.
The plan is relaunching the search after contractual agreement with previously selected did not conclude.
The plan hired a passive international equity manager to replace an active mandate in May.
The retirement fund’s investment committee recommended a pair of terminations as part of several changes within its U.S. equity portfolio.
Fund closes at its hard cap of roughly $1.9 billion.
The retirement plan replaced its domestic core-plus fixed-income manager following a bond manager review in May.