International / Global / Emerging Markets
The plan hired a new international equity manager at its board meeting last week.
Plan expects to receive a recommendation in October.
The plan had issued an RFP for single strategy and emerging managers-of-managers to complement or replace the incumbent in January.
Plan will interview three global credit managers in a search for a firm to handle a proposed $680 million mandate.
Plan reallocated its $2.7 million international small- to mid-cap growth equity investment to an existing MSCI ACWI ex-U.S. Index fund.
Axiom will manage a $100 million emerging markets equity portfolio for the plan.
Selected international large-cap growth equity manager will handle between $1 billion and $2 billion and the U.S. REIT manager will manage between $100 million and $200 million.
Global value hire will replace the plan’s existing passive global core equity mandate with Northern Trust Asset Management.
The plan approved eliminating its global asset allocation target and folding a China equity target into its broader emerging markets equity allocation at its board meeting today.
The international value manager has underperformed its benchmark, prompting discussions of a replacement search for two Florida city plans.