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The plan’s cio and internal investment committee will be authorized to handle manager hires and terminations with some parameters/constraints.
The firm will provide investment management and advisory services for the city’s $157 million investment portfolio of operating and capital funds.
The investment firm returned client assets as of April 30.
The redemption followed a new asset allocation approved last month that lowered the plan’s real estate target.
The pension plan’s cio recently approved two real assets commitments.
The city is seeking firms to provide investment advisory and/or management services.
The plan hired a new core fixed-income manager in March to replace an underperforming core-plus incumbent.
The city has never utilized a firm for the services and the manager will handle a portfolio of roughly $70 million.
The commitment is part of an annual private equity pacing schedule.