Passive Fixed-Income
The selected firm will manage a Russell 1000 Growth Index mandate at least initially.
The plan, which eliminated target allocations and terminated a manager within its stable value fixed-income option today, will see its executive director depart on Dec. 2.
CPERA completed its fixed-income unitization project, which will reduce investment management fees for participants of its defined contribution plans.
The board terminated three domestic fixed-income strategies, which handled $1.2 billion total across its three plans.
The plan hired an existing manager to temporarily handle a roughly $70 million allocation and announced the promotion of an investment officer at a meeting yesterday.
The pilot program is expected to launch in mid-October and implementation is slated for January.
The plan first hired Highclere International Investors in 2019.
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 terminated its passive fixed-income manager to improve historical risk-adjusted performance.