Fixed-Income
An anonymous mid-Atlantic Taft-Hartley plan is searching for a core fixed-income manager to handle $20 million.
The search follows discussions on an underperforming incumbent manager.
The plan approved the RFP at its board meeting last week.
The fund is conducting the search due to the Sept. 30 contract expiration of its incumbent manager, which is allowed to rebid.
The plan first hired managers for the asset class in 2015.
The plan replaced its passive TIPS mandate with BlackRock and committed to a new credit manager last month.
The plan transitioned to an external currency emerging market debt mandate to move away from its incumbent local currency mandate.
The plan increased its fixed-rate debt target by reducing its public equity target last month.
The university added a passive, long-term fixed-income strategy within its endowment in the fourth quarter in response to the rise in bond rates.
The search follows the departure of an investment associate that left at the beginning of the year to join a West Coast endowment.