Small-Cap
The firm was part of the plan’s local emerging manager composite.
The plan also removed a manager from the watch list.
The foundation added two new small-cap equity strategies during the second quarter through full and partial redemptions from two existing small-cap managers.
The two manager terminations stem from underperformance, asset outflows and high fees.
The city hired two firms on behalf of its three retirement funds, replacing an underperforming incumbent.
The fund’s investment and operations committee will recommend State Street Global Advisors to handle an active emerging markets equity ex-China mandate later this month.
The plan also added several new equity managers to the program.
The retirement system placed a domestic small-cap value equity manager on watch last month due to lagging performance.
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 plan approved a search last year to complement its existing international equity managers.
