Domestic Equity
The terminated manager has been on and off the plan’s watch list since 2018 for personnel turnover.
The plan is seeking a replacement for Allspring Global Investments, which was terminated at the plan’s March 24 retirement commission meeting.
The plan hired a new domestic small- to mid-cap growth equity manager and will make potential changes to its long/short portfolio.
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.