Passive Fixed-Income
The retirement system hired two active domestic fixed-income managers and approved a structure for its new private debt portfolio today.
The plan’s new U.S. equity head joins from an investment consultant.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group as well as its sustainable equity mandate with Neuberger Berman in May.
Plan is eyeing searches for active emerging market debt and private markets secondaries strategies following initial discussion earlier this month.
The plan has issued RFPs seeking an active core fixed-income manager as well as index managers.
The retirement system last conducted a similar search in 2010.
CIO Jonathan Grabel recently rehired the trust’s public markets passive manager and the pension plan made a $270 million private equity commitment this week.
The plan is seeking diverse-owned firms to handle short-term TIPS and long-term U.S. government bond managers to preferably run the allocations in passive or enhanced index strategies.
The pension plan is seeking passive index and transition advisory services as it readies a long-awaited transition out of a larger fund.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group as well as its sustainable equity mandate with Neuberger Berman in February.