Passive Fixed-Income
There are no immediate plans to allocate funds to the manager but it will be an option for future use if needed.
The fund approved consolidating its public credit portfolio into a passive U.S. aggregate bond index to improve operational efficiency, reduce fees and reduce active risk at its March board meeting.
The retirement system has hired four global multi-sector fixed-income and three passive equity managers in recent months.
The plan is seeking managers to handle a total of $135 million.
The fund will consider consolidating its public credit portfolio into a passive U.S. aggregate bond index to improve operational efficiency, reduce fees and reduce active risk at its board meeting this month.
The plan recently trimmed its active roster by one to fund the new hire.
The plan’s consultant began a fixed-income structure review that trimmed its active roster.
The plan replaced several of its passive mandates with Vanguard Group at yesterday’s board meeting.
The plan is seeking a passive option to diversify its fixed-income portfolio and lower fees.
The plan trimmed its fixed-income manager roster to two from three following a strategic review.