New Orleans Municipal Employees' Retirement System
The City of New Orleans Employees' Retirement System was established and placed under the management of the Board of Trustees and supported by a full-time staff for the purpose of providing retirement allowances and death benefits for all officers and employees of the city and the parochial and judicial officers and employees of parish. The retirement system is a defined benefit plan as defined by Section 401(a) of the Internal Revenue Code. The original effective date of the retirement system is July 1, 1947.
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NOMERS Retirement Fund (Unaudited)
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New Orleans Terminates 3 Equity Managers, 7 HFs
From FINdaily, June 12, 2015
The $370.5 million City of New Orleans Employees Retirement System terminated three active domestic equity managers and liquidated seven hedge fund allocations at its board meeting on Monday, Executive Director Jesse Evans, Jr. said, in an e-mail.
The plan terminated large-cap growth managers Holland Capital Management and INTECH and small-cap core manager Segall Bryant & Hamill Investment Counsel as part of a manager consolidation. Holland and INTECH had underperformed their benchmarks for the plan since inception and Segall Bryant & Hamill had underperformed over the 1- and 3-year periods, according to the plan's March 31 investment report.
The plan had $19.5 million invested with INTECH and $9.5 million each with Segall Bryant & Hamill and Holland. The large-cap growth assets will be moved to the Vanguard Growth Index Fund, a new investment for the plan, while the small-cap core assets will be moved to an existing Vanguard Extended Market Index Fund, Evans said.
In the hedge fund space, the plan terminated seven managers from funds totaling $8.2 million. The funds being terminated are Brevan Howard Fund, Boronia Diversified Fund, Canyon Value Realization Fund, GEM Realty Securities, LIM Asia Multi-Strategy Fund, Man-AHL Diversified II and PSAM WorldArb Fund.
Additionally, the plan received 40 submissions for its opportunistic hedge and opportunistic credit search initiated last month and will begin the review process at its July meeting, Evans said. The plan is searching for opportunistic managers to handle a total of $20 million (fin|daily, 5/21).
Lastly, the plan received an education on frontier markets equity at this week's meeting but there are no plans for a search at this time, Evans said.
The plan's general investment consultant is The Bogdahn Group.