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Norwalk pension board presses Walter Scott on multi-year underperformance; firm cites long-term approach
Summary
Norwalk City pension trustees questioned international growth manager Walter Scott about significant underperformance since March 2023. The firm acknowledged disappointing rolling returns, pointed to sector headwinds and said it reduced fees to 65 basis points effective Jan. 1.
Norwalk City’s pension board pressed international equity manager Walter Scott on Feb. 11 over several years of relative underperformance, and the firm urged trustees to view recent results in the context of a long-term strategy.
Trustees opened the discussion by asking Walter Scott representatives to explain “what has caused their underperformance,” including whether the manager had changed its philosophy or process, and what market environments would favor the firm’s approach. An unidentified board member said the manager “has struggled mightily” versus the benchmark since joining the plan in March 2023.
A Walter Scott representative said the team remains stable and the firm has not…
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