Plan is seeking one to three global ex-U.S. equity managers and agreed to restructure its opportunistic and alternative fixed-income portfolios this month.
Terminated firm had been placed on watch for performance reasons last month.
Consultant recommended small-cap value manager search as part of a U.S. equity structure review presented last month.
Plan’s consultant will present report on the $8 million search in June or July.
The plan placed a firm on watch for failing to meet performance criteria and eliminated its REITs managers to reduce overall volatility within its real estate portfolio.
Plan will ultimately move an approximately $300 million mandate to a more focused strategy from its incumbent.
Commitment represents a new relationship for the plan.
The plan hired a domestic large-cap value equity manager to replace an all-cap value manager at its May 17 board meeting.
The manager has underperformed its Russell 1000 Growth Index.
The plan had moved to a fully passive large-cap allocation in 2020 but general investment consultant Meketa Investment Group sees an opportunity for concentrated active managers.
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