Large-Cap
Plan will replace a recently terminated core real estate manager.
The fund approved terminating a domestic large-cap growth equity manager due to underperformance and reinvesting the proceeds with an existing passive equity manager relationship late last year.
The city’s deferred compensation and defined contribution plans replaced a domestic small-cap value equity manager today and its defined benefit plan will schedule finalist presentations in its large-cap growth search for next month.
The terminated manager was first hired in 1990.
The plan received a search report on potential replacements for its incumbent domestic large-cap growth equity manager this week.
Plan approved two international large-cap equity manager hires after restarting a search last year.
The firm had been on watch since the third quarter of 2019 due to underperformance.
The plan has scheduled a meeting with a manager after placing the firm on watch this quarter.
The plan has issued an RFP seeking a domestic large-cap growth equity manager to handle $34 million.
The nonprofit hired a new active domestic large-cap equity manager last month after deciding to move away from passive equity management this summer.
