The hires followed finalist interviews held at last month’s board meeting while the fund decided against hiring either of the two closed-end core real estate managers it considered.
The plan approved adding an unconstrained fixed-income manager to provide additional alpha generation and diversification to its portfolio at a meeting this week.
The plan placed a firm on watch for failing to meet performance criteria and eliminated its REITs managers to reduce overall volatility within its real estate portfolio.
The fund approved fully redeeming from a real estate manager this week due to continued underperformance as its strategy has been affected by its concentration in office and retail properties.