Searches And Hires
The college savings plan approved the search last week and expects to issue an open-invitation RFP next month.
The plan will fund the new active manager from its index allocation.
The fund approved restructuring its real estate portfolio in favor of a core-satellite portfolio with a core mandate and two to three satellite managers and also added two 130/30 managers to create a market cap and style neutral portfolio structure.
The pension plan recently committed $275 million total to two funds and terminated existing convertibles and real estate debt strategies.
The retirement system will interview three firms for a $20 million mandate.
The plan interviewed four finalists at its board meeting this week.
Plan is conducting the search to fill a 3% target to the asset class.
The plan is looking to potentially replace its incumbent due to performance issues.
The plan hired a new firm to provide custodial and index management services.
The plan’s current consultant will see its contract expire this year.