Searches And Hires
The plan’s incumbent domestic small- to mid-cap core equity manager had been gradually underperforming the benchmark.
The hire concludes a replacement search conducted by the retirement system’s general investment consultant in February.
The pension fund approved three commitments to existing manager relationships this week.
The retirement plan recently terminated two underperforming domestic equity managers.
The plan selected a fund from a search report that included both secondaries and fund-of-funds options.
The retirement plan’s current consultant agreement has been in place since 2017.
The pension system added $340 million in private markets commitments in the second quarter.
The fund approved conducting a search for a U.S. small-cap value equity manager and an international growth equity manager to replace two existing firms within its portfolio due to a decline in strategy assets.
The plan has hired a wealth management firm as its new investment manager and the firm has entered a strategic collaboration to modernize the college savings plan.
The pension fund added a $10 million commitment to a new manager relationship this month.
