International / Global / Emerging Markets
The deferred compensation plan replaced two equity managers, which had been on watch, yesterday.
The plan also concluded its emerging markets ex-China equity search at a meeting this week.
Four total firms will vie for an approximately $521 million mandate.
The plan adopted a new asset allocation mix at its board meeting yesterday.
The retirement system expects to launch an emerging markets small-cap search before the end of the year and a broad emerging markets search next year.
The plan is looking to invest up to $450 million with qualified managers.
The retirement system hired Dimensional Fund Advisors to handle international value and domestic small-cap value equity mandates last quarter.
The board replaced its international large-cap value equity manager in October due to underperformance.
The plan also made a hire to replace its mandate with Western Asset Management.
The plan will further review potential emerging markets equity manager replacement options in January.