Searches And Hires
The retirement system terminated its domestic core real estate manager after being informed of its underperformance and personnel changes in December.
The retirement fund is seeking general investment consultant services as the result of state statute, which requires they be placed out for bid at least every five years.
The plan is looking to diversify its current fixed-income bucket.
The retirement system hired three managers and made follow-on commitments to two existing strategies as part of an evergreen private debt search.
The pension trust is running searches for investment grade corporate credit and multi-asset managers to handle respective allocations of $660 million and $130 million.
The town is seeking a manager to oversee three asset pools totaling $185.1 million.
The plans’ current outsourced cio was first hired in 2019.
The plan replaced its domestic all-cap equity manager, which had been on watch since April 2022 due to underperformance.
The system will consider making a growth private equity commitment at its Feb. 1 board meeting this month.
The fund approved private equity and private credit commitments with existing managers as recommended by its general investment consultant last week, with more recommendations expected in the coming months.