Passive Fixed-Income
2023 was supposed to be a down year for foundations and endowments with a potentially recessionary environment, however, equity and bond returns came out in the green, thanks in part to strong fourth quarters, leaving investors and allocators with a more optimistic outlook for their portfolios entering 2024.
The plan is seeking bundled/platform passive management services for various portfolios.
The RFPs will seek managers to handle 10 different strategies.
The retirement system hired two active domestic fixed-income managers and approved a structure for its new private debt portfolio today.
The plan’s new U.S. equity head joins from an investment consultant.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group as well as its sustainable equity mandate with Neuberger Berman in May.
Plan is eyeing searches for active emerging market debt and private markets secondaries strategies following initial discussion earlier this month.
The plan has issued RFPs seeking an active core fixed-income manager as well as index managers.
The retirement system last conducted a similar search in 2010.
CIO Jonathan Grabel recently rehired the trust’s public markets passive manager and the pension plan made a $270 million private equity commitment this week.