Core-Plus
The plan’s core-plus fixed-income mandate assets have been redistributed to other bond managers.
The foundation liquidated a core-plus fixed-income mandate and replaced two emerging markets equity managers in the third quarter.
The plan replaced the TCW Total Return Bond Fund at its Oct. 16 meeting.
The retirement system previously extended its contract with incumbent Segal Marco Advisors for one year in October 2023.
The firm was terminated from an approximately $102 million domestic core-plus fixed-income mandate last month.
The search follows a structure review that calls for two core and core-plus managers.
The replacement is due to recent organizational concerns at the incumbent firm.
The retirement system will revisit a search at its October meeting following finalist interviews held in August.
The searches follow a review of the overall asset class this week’s meetings.
The termination request stems from the ongoing issues related to the SEC investigation and leave of absence by Co-CIO Ken Leech.