Core-Plus
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.
The water authority retirement plan replaced its domestic core-plus fixed-income manager in May due to underperformance.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.