Fixed-Income
The plan will begin a search for core fixed-income managers next month.
The firm has completed its acquisition of a specialist global ESG and impact fixed-income investment manager, adding approximately $1 billion to its total assets under management.
The plan hired a new manager to handle its bank savings fund option as it provides a more stable income source.
The will issue an RFP targeting smaller core fixed-income managers tomorrow.
Authority has issued yearly RFQ for investment management services.
The plan is looking for non-core fixed-income strategies enhance its portfolio.
The plan may conduct a search to replace its passive core fixed-income manager next year following an asset allocation study.
The plan added the short-term fixed-income mandate in a “defensive move” recommended by its consultant.
The plan’s incumbent manager was first hired in 2015 and the search is to comply with standard state procurement laws.
Institutional investors indicated that rising rates and a recession will increase the importance of fixed-income within portfolios after years of low yields.
