Searches And Hires
The plan’s investment committee and general investment consultant recommended a manager change following a search presentation earlier in the year.
The retirement fund terminated the manager due to underperformance.
The retirement system will also receive private markets pacing schedules this week.
The city maintains an investment portfolio averaging $40 million comprised primarily of certificates of deposit.
The retirement association has concluded an RFP search launched in June.
The current provider will see its contract expire next year.
The authority rehired the incumbent following searches in 2021 and 2015.
The manager will handle the retirement plan’s entire balanced portfolio.
The plan approved two commitments for pacing purposes.
The pension system made its third commitment to private credit this year at today’s board meeting.