Manager-of-Managers
The retirement system and OPEB trust have worked with the incumbent provider since 2014.
The retirement fund also terminated a global equity manager-of-managers and made commitments totaling $695.6 million in October.
The plan discussed the RFP at its emerging manager subcommittee last month.
The retirement system will conduct a full search for emerging managers-of-managers after reviewing a consultant presentation on available options at today’s meeting.
The fund is seeking a single platform to handle a minimum 3% allocation following search approval at today’s board meeting.
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.