The plan added a private equity commitment with an existing manager earlier this summer.
The plan’s investment consultant recommended the termination due to the firm’s underperformance.
The plan stuck with its incumbent after issuing an RFP in February and will review its private markets consultant search in the coming months.
The district plans to invest between $100 million and $200 million under the guidance of the selected advisor.
The city issued an RFP seeking services for approximately $200 million in assets.
The plan had been expected to conduct a search for the services due to its incumbent’s upcoming Dec. 31 contract expiration.
The plan issued an RFP earlier this year due to the incumbent’s upcoming contract expiration.
The new manager will split the plan’s fixed-income portfolio with its existing core manager.
The plan hired a new manager to replace its underperforming incumbent.
Palladium Equity Partners has promoted Daniel Ilundain to president.