Cash
The university also liquidated fixed-income and equity strategies to fund endowment spending and university advancement payouts.
The retirement association expects to select a manager in the fourth quarter.
The university has built a substantial allocation to cash in recent years as it looks to potentially solve a liquidity issue for another institutional investor’s portfolio.
The retirement system hired a new enhanced cash manager for its $200 million allocation.
The pension plan approved a new asset allocation policy that introduced five targets in the fourth quarter.
Western Asset Management had been on the plan’s watchlist since September.
The pension plan recently made $1.8 billion in total commitments across its dynamic strategies, private equity and real assets portfolios.
The city is seeking a firm to manage a portion of its cash portfolio.
While U.S. healthcare systems continue to look to increase their allocations to alternative investments, they are also reporting an increased interest in cash and fixed-income, a new study finds.
The foundation approved a new investment policy statement and revised its target asset allocation, including maiden short-duration fixed-income and cash targets last week.