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The plan placed the firm on probation status at a meeting this week due to asset outflows.
The city is seeking a firm to provide investment advisory services for its $173 million portfolio.
The plan will first issue RFPs for global infrastructure and tactical asset allocation managers.
Main problems commonly cited by institutions were underperformance and outcomes that differ from the intended result, according to the report.
New director of institutional business development joins from Lazard Asset Management.
The investment advisor absorbed substantially all the wealth and investment management firm’s $1.75 billion in assets in a deal that closed earlier this month.
The plan will begin a search for core fixed-income managers next month.
Plan disclosed $415 million in recent alternatives commitments from December.
The firm has made a strategic minority investment in an investment advisor that has $6 billion in assets under management and advisement.
The fund wrapped up its search for multi-strategy hedge fund managers with two firms that will supplement and complement its existing hedge fund manager.