Equity
The plan will put three mandates out for bid next year.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.
The firm underperformed in all time periods since inception.
The plan’s initial priority will be to conduct a global core/value equity strategy search to compare with an existing investment manager.
The plan will consider replacing a domestic large-cap equity fund on watch status and approving a new asset allocation for its portfolio at its December board meeting.
The plan conducted a search to replace an emerging markets equity mandate.
The plan’s emerging markets large-cap core equity manager had been on watch due to underperformance.
The firm recently closed its seventh fund at its hard cap after attracting a diverse mix of institutional investors.
The firm appointed the director of research within its equity capital markets to lead its research strategy, oversee research operations and further strengthen collaboration across investment banking, sales and trading.
The retirement fund placed three underperforming investment managers on watch in September.