Core-Plus
The plan ended a 30-year relationship with a core-plus bond manager after changes from recent meetings reported out of closed session.
The pension plan hired the firm based on its favorable returns, low fees, diversification and low correlation to existing active core-plus fixed-income manager Loomis, Sayles & Company.
Pension has narrowed a search for a complementary manager to three finalists.
The plan is seeking a firm to fill its maiden 8.5% target to core-plus fixed-income.
The managers will complement existing core-plus manager TCW.
The plan expects to issue an RFP this year seeking a core-plus fixed-income manager to handle between $100 million and $150 million.
The plan is seeking active core and core-plus bond managers to handle roughly $125 million each.
The plan added two core-plus fixed-income managers to the portfolio and made 11 alternatives commitments in the first quarter.
The selection will conclude a core-plus fixed-income search for a replacement manager.
The plan approved a core-plus fixed-income manager search and terminated its hedge fund-of-funds mandate as the result of a new asset allocation policy.