International / Global / Emerging Markets
The deferred comp plan’s investment consultant will present an international large-cap value manager search report at next week’s meeting.
The two international equity managers were placed on watch for performance reasons.
The plan also made a private equity commitment in June.
The plan agreed to a consultant recommendation to terminate an underperforming international small-cap equity manager this week.
The retirement fund terminated an international equity manager due to underperformance as well as to reduce fees.
The manager hire was recommended as part of a public equity structure analysis.
The termination comes after the firm was placed on watch for performance reasons in the first quarter.
The plan also recently concluded a liquid credit manager search.
The search is due to portfolio manager changes and underperformance by the incumbent.
The plan replaced one emerging markets equity manager with two new firms in June.
