Searches And Hires
The retirement system may commit up to two firms for a total of $14 million.
The plan reviewed proposed allocation mixes that add a dedicated high-yield bond target while significantly increasing intermediate grade core-plus fixed-income, both of which would result in searches for new managers.
The pension plan replaced its domestic large-cap growth equity manager in the second quarter due to underperformance.
The retirement system rehired its incumbent manager after similar searches in 2006 and 2018.
The retirement fund’s investment committee will interview three finalists in a $737 million search next week.
The searches include a maiden domestic small- to mid-cap equity mandate.
The pension plan made $665 million in total private equity/current return and real estate commitments in the second quarter.
The community foundation hired an investment manager for its endowment, flowthrough legacy and agency funds.
The institution temporarily paused making investments in illiquid assets in the first quarter after reviewing its investment policy and guidelines, where concerns about private equity investing and not having an updated five-year strategic plan were made.
The system has issued an RFP seeking investment advisory and management services for its portfolio comprised of approximately 40% short-term and 60% intermediate-term investments.