Small- to Mid-Cap
The retirement system recently replaced its domestic small- to mid-cap value equity manager.
The plan also terminated a domestic small-cap growth equity manager.
The retirement system terminated its active domestic large-cap growth equity manager last month due to underperformance.
The decision followed finalist interviews with two firms at last month’s board meeting.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.
The retirement system will interview three finalists at its February investment committee meeting.
The plan’s investment committee and general investment consultant recommended a manager change following a search presentation earlier in the year.
The retirement fund terminated two equity managers and disclosed commitments totaling $1.7 billion in August.
The retirement system is seeking a replacement for a recently terminated domestic equity manager.
The retirement system also hired new domestic small- to mid-cap equity managers in June.