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The Concord Retirement Board voted 5-0 to award Lazard the International Equity contract for up to seven years, replacing Acadian and the current PRIM Emerging Markets Sleeve. The board also reported a 12.0% portfolio return for 2025, 50 basis points above its benchmark.
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The investment manager change affects how the retirement system’s international equity assets are managed, with monthly investment reports continuing regardless of the selection. The board approved a May 19 election for an elected board seat and appointed Jill Hersey as election officer. It also replaced the executive director’s $200 monthly vehicle stipend with monthly mileage and toll reimbursement, effective January 1, 2026.
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