Daily Feed
Global value hire will replace the plan’s existing passive global core equity mandate with Northern Trust Asset Management.
The plan approved eliminating its global asset allocation target and folding a China equity target into its broader emerging markets equity allocation at its board meeting today.
The plan hired a new investment consultant following a search launched late last year.
The international value manager has underperformed its benchmark, prompting discussions of a replacement search for two Florida city plans.
The plan committed a total of $15 million to three secondaries funds at its April board meeting.
The search follows approval of a new asset allocation that includes a maiden 5% target to private debt.
Plan will narrow a diversified core real estate manager search to finalists after reviewing an initial list of candidates last week.
Report from state retirement system organization shows 40 surveyed members combined to outperform their average return assumptions over several time periods.
City is searching for a firm to oversee its $235 million in cash and investments.
The plan concluded a global equity search conducted in the fourth quarter.