Searches And Hires
The switch was made after a change in the incumbent firm’s ownership.
The plan will see its overall private markets target increase to 40% from 33%.
The new outsourced cio will handle the town’s pension and OPEB trust.
The deferred compensation plan will consider replacing its domestic core-plus fixed-income manager this week due to underperformance.
The search is being conducted as part of a previously approved investment consultant strategy.
The manager will handle a portion of the county’s $600 million portfolio.
The plan expects to commit a total of $75 million to the two strategies.
The plan eliminated two hedge fund investments and will redistribute the funds to increased allocations with other portfolio managers.
The plan interviewed a total of three firms last month.
The plan’s incumbent managers were first hired in 2016.