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Trustees review investment performance, discuss small-cap manager search and keep city cash in reserve
Summary
The Norwalk City pension board reviewed monthly performance, discussed a search for a small-cap growth manager, and opted to leave recent city contributions in cash rather than invest immediately.
Trustees of the Norwalk City Pension Board of Trustees received an investment performance update, discussed candidates for a small-cap growth mandate and decided not to invest a recent city cash contribution during the meeting.
An investment consultant on the call (Nicole Rubina) and other staff reviewed performance for August and noted that U.S. equities and small caps outperformed large caps for the month. The board heard that the pension fund's total assets were approximately $582.7 million and that a distribution from Pantheon private equity reduced that allocation by about $850,000.…
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