The plan approved a consultant recommendation to swap out its domestic small-cap core equity mandate due to a change in the firm’s investment process.
The plan will receive replacement options at its Sept. 7 board meeting.
Plan intends to complete domestic mid-cap value and growth equity searches by the first quarter.
The plan also slated domestic small-cap growth equity manager finalist interviews for its September meeting.
The board hired a new domestic mid-cap growth equity manager following finalist interviews held last week.
Termination shifts large-cap growth assets to a passive allocation in anticipation of investing in mid-cap equities for the first time.
The board terminated three managers to “harmonize” the equity portfolios between its plans.
The plan is looking for potential replacement managers due to asset outflows and personnel turnover at its incumbent.
Fund will invest in a select portfolio of 20 to 40 primarily mid-cap companies.
Plan introduced private credit and private infrastructure target allocations and hired a domestic mid-cap value equity manager to replace its existing mandate with Wellington Management Company this week.
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