It appears, based on the May 12th NYC Deferred Comp Board meeting, Copper Rock will no longer be managing money for NYC Deferred Comp (NYCDCP) participants. At the 31:25 mark of the 5/12/2020 Board meeting, the Milliman consultant stated the Copper Rock fund has underperformed, been a disappointment, and are recommending that the assets should be liquidated. Copper Rock was selected in 2012 by the NYC Deferred Comp Board to manage about 10% of the International Equity Fund and has underperformed over the entire period. This is another example of the NYC Deferred Comp Board not moving quick enough to fire an investment manager that underperforms over an extended period of time. The same thing happened with the Socially Responsible Fund in 2016, see blog post. Will the NYCDCP notify participants that Copper Rock has been fired? Doubtful. Will the NYCDCP notify participants of where the Copper Rock funds will be invested after liquidation? Doubtful.
Active and retired NYCDCP participants should be asking themselves; who is making these investment decisions? Are the NYCDCP Board members qualified to select investment managers? Do the NYCDCP Board members have any financial qualifications/certifications?