International / Global / Emerging Markets
The plan will receive a recommendation to terminate an international equity manager due to underperformance.
The retirement system will interview four firms next month for an up to $225 million mandate.
The retirement system’s outsourced cio recently terminated a global large-cap core equity manager due to underperformance.
The retirement system hired a new international equity manager at today’s board meeting.
The retirement system also wrapped up its first fiscal year as an independent entity by outperforming its benchmark by more than 100 basis points.
The foundation added international equity, domestic equity, high-yield bond and infrastructure investments to its portfolio during the second quarter.
The pension is expanding its emerging manager program into the public equity space after initial investments in alternatives starting in 2022.
The search was first discussed at the plan’s May board meeting.
The plan is looking to invest $200 million with multiple investment managers.
The plan also opted to retain its general investment consultant following a search process.