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The department has issued an RFP seeking investment consultants to assist with vendor searches, review proposed fund lineups and maintain and practice a formal investment review process for its retirement plan.
The fund is conducting the search due to the Sept. 30 contract expiration of its incumbent manager, which is allowed to rebid.
The foundation is searching for more diverse-owned managers and impact investment strategies as part of a new strategic plan to eliminate longstanding inequities that have held back many communities.
Firm filled the newly created position with a former Northern Trust employee.
The plan first hired managers for the asset class in 2015.
The plan will not commit any additional capital to the program due to potential issues, including conflicts of interest and lack of transparency.
The plan committed to new funds with two existing managers.
The plan’s incumbent consultant was first hired in 2015.
Erinn King has joined Income Research & Management as chief strategy officer.
The plan discussed a commitment at its March investment committee meeting and will further review the recommendation later this month.