Fixed-Income
The plan will fund the new manager by selling off current fixed-income investments.
The city has issued an RFP for investment advisory services and proposals are due Dec. 9.
The plan will seek board approval to terminate a high-yield fixed-income manager and an emerging markets equity manager.
The plan will issue a general investment consultant RFP due to an upcoming contract expiration and conduct an asset allocation study to consider eliminating its risk parity asset allocation.
The plan will begin with a mid-cap growth equity manager search in January.
The strategy will be new for the trust fund, which is looking to fill a $3.4 million mandate.
The authority previously hired five managers following a similar RFP process in 2012.
The state’s defined contribution plan is seeking a core-plus fixed-income manager.
The plan disclosed an additional investment and two terminations at Friday’s meeting and recently saw the departure of its deputy cio.
The agency will first hold a virtual conference for interested managers next month.