Equity
The search follows approval of new asset allocation policies, which introduced a 5% target to international small-cap equity for each plan.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
The hire concludes the plan’s search to replace Allspring Global Investments, which was terminated last year due to underperformance.
The termination follows a completed asset/liability study.
The plan also named two semifinalists in its general investment consultant search.
The firm launched an ESG fund targeting U.S.-based companies helping to facilitate clean energy, pollution reduction, energy efficiency and social justice.
The plan increased its fixed-rate debt target by reducing its public equity target last month.
The plan recently committed approximately $2.2 billion total to nine funds.
The search follows the departure of an investment associate that left at the beginning of the year to join a West Coast endowment.
A total of up to $1.5 billion is expected to be awarded in the search.