Manager-of-Managers
Expansions will help the systems reach their goal of having 15% of U.S.-based actively managed investment assets with diverse-owned firms by 2025 and 20% by 2029.
The retirement system’s general investment consultant will return to next month’s board meeting with an international small-cap equity search.
The departure has led to at least one client placing the firm on watch.
The plan made a hire in a manager-of-managers search launched in June.
Program had underperformed its custom benchmark net-of-fees since inception.
The plan, which launched an investment advisor search earlier this year, extended services with its incumbent on a month-to-month basis.
The plan concluded two manager searches this week.
The plan will add three value managers to its international equity portfolio.
Plan’s new global credit manager will handle an approximately $700 million mandate.
The plan last conducted a search in 2015.
