New York State Nurses Association, Albany, plans to conduct an asset allocation study early next year, said Russell Niemie, CIO of the $1.5 billion plan.
Also, the plan hired PIMCO to manage $150 million active global core-plus fixed-income, replacing McMorgan, which ran the portfolio in domestic core fixed income. Also, the $1.5 billion plan will switch Loomis Sayles $150 million active core domestic fixed-income portfolio to active global core-plus. The plan wanted to change investment styles and lacked confidence in McMorgan, Mr. Niemie said.
Paul Morton, COO at McMorgan, said they "hate to lose a valued client but pointed to what he felt was exemplary performance
In addition, the plan is watching the performance of an unidentified equity manager. A decision on the firm is expected later this fall.
Meketa is assisting.