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Public pensions are contending with the dreaded denominator effect as the value of their public holdings plunges in the volatile markets.
U.S. public pensions entered 2022 well-funded, but they could falter without significant governance reforms.
Firm cuts management fee in public funds by 0.5% as losses mount
The current director of investments has served in the role since 2019.
The plan hired Verus as its new general investment consultant at a meeting today.
Plan’s incumbent tangible assets consultants were the only respondents to an RFQQ issued in February.
The restructuring will next eliminate three more managers next month.
The retirement system has issued an RFP seeking general investment consulting services.
Authority is searching for a firm to oversee its $175 million deferred compensation plan.
His son will succeed him as chairman.