Passive Equity
The plan also made a private equity commitment in June.
The manager hire was recommended as part of a public equity structure analysis.
The termination comes after the firm was placed on watch for performance reasons in the first quarter.
The trust funded the hires through the termination of two existing large-cap equity managers.
The pension fund swapped out an active large-cap value equity mandate for a passive one in the second quarter.
The trust recently hired managers to fill its maiden targets to listed infrastructure and listed REITs.
The retirement system replaced three underperforming domestic equity managers in the fourth quarter.
The trust may have transitioned its two active international equity investments to a passive non-U.S. core index fund.
The pension plan also made a private equity commitment for pacing purposes last month.
The plan’s investment consultant recommended hiring specialized managers for its non-U.S. equity portfolio.