San Diego City Employees' Retirement System's board on Friday voted to expand its 5% emerging market debt allocation to a broader return-seeking fixed-income allocation.
The newly expanded fixed-income allocation could also now include high yield, bank loans and investment-grade credit in addition to emerging market debt, said Liza Crisafi, CIO of the $9.9 billion pension fund, in an email.
The board also voted to launch an invitation-only search for a new international large-cap growth manager for a roughly $200 million portfolio. The board made its decision after a portfolio structure review. SDCERS' general investment consultant Aon will lead the search, with a selection recommendation expected as early as September.