Investment committee considers options for OPEB fund manager Morgan Stanley
Board of Estimate & Taxation Investment Advisory Committee · Meeting of March 12, 2026
CT GREENWICH — Investment committee weighs Morgan Stanley OPEB underperformance, considers manager restrictions. The Board of Estimate and Taxation Investment Advisory Committee discussed the fund manager's consistent underperformance against the Greenwich Investment Policy Statement benchmark. The OPEB Portfolio's fiscal year-to-date return was 10.41 percent against a policy benchmark of 12.48 percent and its trailing 12-month return was 15.28 percent versus 17.46 percent.
Chair Elliot Alchek proposed narrowing Morgan Stanley's investment discretion, Joseph Pellegrino recommended shifting to passive funds, and Robert L. Harteveldt suggested eventual replacement with a more sophisticated manager. The committee unanimously agreed to recommend Morgan Stanley make changes more quickly and to monitor performance closely.
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Source: the Board of Estimate & Taxation Investment Advisory Committee meeting of March 12, 2026, reported from the official video recording and transcript.
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