Searches And Hires
The termination, which was recommended by the plan’s general investment consultant, stems from performance reasons and a key personnel departure.
The plan took action on two search reports provided by its general investment consultant at its board meeting this week.
The pension plan terminated one of its international large-cap core equity managers due to underperformance.
The replacement is due to recent organizational concerns at the incumbent firm.
The retirement system will revisit a search at its October meeting following finalist interviews held in August.
The plan last conducted a search for the services in 2019.
The plans currently utilize MissionSquare Retirement.
The pension plan has directed its staff and general investment consultant to conduct a targeted RFP process to replace a terminated international small-cap equity manager.
The West Coast city does not currently utilize an investment advisor.
The pension plan committed $100 million total to an existing private equity manager relationship last week.
