Fixed-Income
The divestments stem from New York State Comptroller Thomas DiNapoli’s Climate Action Plan.
The plan hired a pair of bank loan managers to handle roughly 3% of its overall portfolio this week.
The plan replaced several of its passive mandates with Vanguard Group at yesterday’s board meeting.
The pension plan recently committed approximately $7.4 billion total to six funds and terminated 12 existing strategies.
The hire resulted from a new asset allocation change.
The selected firm will help manage the authority’s bond proceeds.
The plan is looking to diversify its current fixed-income bucket.
The pension trust is running searches for investment grade corporate credit and multi-asset managers to handle respective allocations of $660 million and $130 million.
The foundation approved a new investment policy statement and revised its target asset allocation, including maiden short-duration fixed-income and cash targets last week.
The plan began an invitation-only search last quarter.
