Small- to Mid-Cap
The decision followed finalist interviews with two firms at last month’s board meeting.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.
The retirement system will interview three finalists at its February investment committee meeting.
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 two equity managers and disclosed commitments totaling $1.7 billion in August.
The retirement system is seeking a replacement for a recently terminated domestic equity manager.
The retirement system also hired new domestic small- to mid-cap equity managers in June.
The retirement system has issued its RFP seeking a U.S. small- to mid-cap equity manager to handle approximately $60 million.
The retirement system will issue an RFP next week for a U.S. small- to mid-cap equity manager for a $60 million mandate.
The retirement system reviewed three potential replacement options for an incumbent manager last quarter.