Fixed-Income
The retirement system’s current bond manager was first hired in 2018.
The retirement system launched a core fixed-income RFP process in September.
The pension fund also concluded a core fixed-income manager search with a hire at this week’s board meeting.
The plan is conducting the search to see what other options are available in the market.
The retirement system had anticipated initiating the search per state regulations.
The plan replaced its domestic core-plus fixed-income manager, which had been on watch for underperformance, in the fourth quarter.
The plan’s new passive global inflation-linked fixed-income manager replaces an incumbent firm.
The plan hired two core and two core-plus fixed-income managers, including two incumbents, at today’s board meeting.
New research finds fixed-income hedge funds are growing in popularity among global institutions that seek higher yields without liquidity.
The retirement fund terminated three managers at last month’s investment committee meeting.