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Board discusses Principal high‑yield product swap, pauses manager change and asks consultants to return with options
Summary
Consultants told the Elevate Pension Board Principal merged the plan’s prior high‑yield product into a replacement vehicle on Feb. 28; trustees asked consultants to present manager options and to evaluate core‑plus alternatives before making a change.
The Elevate Pension Board received an update on its high‑yield allocation after Principal moved the plan’s prior high‑yield product into a new Principal high‑yield fund on Feb. 28.
Tom and Jonathan, the board’s investment consultants, told trustees the swap reduced the urgency of the previously authorized manager search but did not eliminate the need to evaluate alternatives. Tom described the change as a forced consolidation: the prior product “ceased to exist” and was “merged into the new Principal high…
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