Fixed-Income
The plan’s investment consultant is recommending swapping for higher conviction managers.
The plan is seeking managers to handle a total of $5.9 billion.
The retirement fund will shift the $200 million mandate to a passive account at least initially.
The plan also made two private markets commitments today.
The plan has four incumbent managers in the two asset classes.
The plan is seeking separate account managers that can offer exposure to multiple credit asset classes.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.
The college savings plan placed four strategies on watch for performance issues, while removing one from watch status at its July board meeting.
The search will be opened to high-yield corporate debt, leveraged loans, securitized credit and convertible bond strategies.
The retirement plan replaced its domestic core-plus fixed-income manager yesterday.