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The firm replaces a manager that is closing next month.
Plan expects to receive a recommendation at its Oct. 12 board of investments meeting.
City is searching for a non-discretionary manager for its $150 million portfolio.
The plan made a $20 million commitment at its special meeting yesterday and anticipates making annual commitments to additional funds moving forward.
Plan added a $15 million commitments the first of five total to be proposed in 2022.
Plan will ultimately move an approximately $300 million mandate to a more focused strategy from its incumbent.
Plan added a secondaries commitment to its portfolio this week.
The plan has issued an RFP seeking an investment consultant for its $67 million in assets.
The trust hired Invesco to manage the new asset class.
Plan’s decision to move all of its fixed-income assets in-house will reduce its annual fees.