A Rocky Mountain pension plan terminated its domestic small- to mid-cap core equity manager due to underperformance and personnel turnover.
The plan approved a hire at today’s board meeting following an RFP issued in December 2019.
The plan will begin a domestic small-cap growth equity search in the next couple of weeks to be followed by core bond and small-cap value searches.
Plan will review a domestic small-cap value manager at an upcoming meeting while its consultant takes an extra look at a bank loan manager.
The new structure results in three manager terminations.
The plan disclosed the terminations and commitments, which were previously approved in closed session.
The plan is open to core, growth and value strategies and will consider micro-cap managers.
The plan is searching for international small-cap managers due to incumbent contract expirations.
Nonprofit investors are expecting positive but muted returns from the equity and bond markets in 2021 after their portfolios generated solid performance in a year that upended global financial markets and saw unprecedented volatility.
Plan approved a new domestic small- to mid-cap value equity manager hire at Friday’s meeting.