The deferred compensation plan replaced its domestic core-plus fixed-income manager yesterday due to underperformance.
The city’s pooled investment portfolio was previously managed by finance staff.
The retirement system made two private equity commitments with existing manager relationships earlier this month.
The new principal serves on the firm’s healthcare and life sciences team.
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 new executive director will join the plan on May 13 from the Teacher Retirement System of Texas.
The deferred compensation plan terminated its TIPS manager following a diversified inflation strategies search report in November.
The plans currently work with general investment consultant Cook Street Consulting.