International / Global / Emerging Markets
The retirement system hired three global equity managers to replace its dedicated international and emerging markets equity allocations in the first quarter.
The search will not include the plan’s two incumbent firms.
The plan terminated an international equity manager that saw a personnel departure last year.
The plan’s sole emerging markets equity manager was first hired in 2018.
The plan expected to begin the search to comply with state regulatory requirements.
The searches stem from a new asset allocation and international equity structure review approved in February.
The retirement system eliminated its 6% target to the asset class this week.
The firm was terminated due to the plan’s overweight to international non-large-cap securities.
The plan selected a new emerging markets equity manager following finalist interviews held in January.
The retirement fund also adopted a new asset allocation to take advantage of higher interest rates.