Fixed-Income
The plan will consider multi-asset credit manager recommendations in March and terminated mandates with GMO and MetLife last week.
The city’s three plans jointly approved a short-term bond manager hire and will split the overall fixed-income portfolio.
The plan hired a short-term bond manager and retained its general investment consultant.
The plan retained its high-yield bond manager from a field of 28 candidates.
The plan will consider hiring five multi-asset credit managers and terminating five existing managers.
The university foundation added several strategies spanning private equity, domestic equity, commodities and high-yield and investment grade fixed-income within its endowment last year.
The university wrapped up its fixed-income manager search from the third quarter by rehiring the incumbent firm.
The search will target multiple managers to each handle a maximum of $600 million.
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The plan placed the firm on probation status at a meeting this week due to asset outflows.
