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The Public Fiduciary - June 2026 |
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Welcome to the latest edition of the Public Fiduciary Newsletter. This issue highlights the core elements of public pension and OPEB plans, with a focus on the role of asset allocation, along with our Public Sector News and Views to provide timely insights into the evolving public landscape. We remain committed to providing thoughtful guidance and actionable insights to support public plan fiduciaries as they navigate an increasingly complex investment landscape.
As part of our continued evolution, we look ahead to our transition to the Wealthspire name later this year. While our name will change, we remain the same firm you know and trust, grounded in the same team, values and disciplined approach. |
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Public Pension and OPEB Plans:
Core Elements and the Role of Asset Allocation |
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By: Christopher Rowlins
Partner, Senior Consultant |
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Public pension and other post-employment benefit (OPEB) plans face a common challenge: investing assets to meet long-dated liabilities while managing contribution volatility, liquidity needs and governance constraints. Although both plan types are liability-driven in principle, their asset allocation frameworks often diverge.
Pension plans typically have larger pools of assets and more mature governance structures, while OPEB plans frequently contend with lower funded ratios, less certain cash flow patterns and... Read More > |
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Public Sector News and Views |
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We continue to see further consolidation in recordkeepers with One America and Voya integrating and completing their consolidation through 2025. We recently saw one more announcement to start 2026 with Corebridge and Equitable looking to merge together. This continues to reduce the number of options of potential suitors when Plan Sponsors go out to bid for recordkeeper services.
While the pool may be shrinking, the economies of scale these consolidations offer Plan Sponsors, and more importantly participants, is considerable. Fees continue to... Read More > |
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By: Matt Dickey
Vice President, Head of Governmental Practice |
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May Market Review – Fed Transition Underway
May extended the global equity rally as markets grew increasingly optimistic about a potential diplomatic breakthrough between the U.S. and Iran, and blockbuster technology earnings pushed major indices to fresh all-time highs. Although inflation data reminded investors that price pressures remain stubbornly persistent, risk appetite held firm as markets looked past near-term headwinds and focused on strong corporate fundamentals and the prospect of... Read More > |
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Team Member Spotlight: Matt Dickey |
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What is your greatest career accomplishment so far?
When I was Treasury Manager at City of Orlando we had well established committees with advisors for our pension plans but did not for our 401(a)/457(b) plans. We also had proprietary investments with closed architecture with no way to make fund changes. We went through the process of engaging an advisor and structuring an oversight committee. This also enabled us to move from closed architecture to open architecture investments and the ability to streamline significantly better performing investments at much lower costs to participants. I count this as my greatest accomplishment because that project is what ultimately drove me to where I am today. I get to go through that same project on a regular basis and enhance participant outcomes across government plans. |
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What do you enjoy the most about working at Wealthspire?
The depth and breadth of our resources continues to amaze me. We have an entrepreneurial can do attitude where yes is the default answer and the expertise is there to find an innovative solution. The quality of work and continuous improvement to those solutions is also remarkable.
What experience from past roles did you bring to your role at Wealthspire?
Coming from multiple municipalities as a Plan Sponsor there are many experiences I bring into my role and how we service clients. One of the key components is the basic understanding of how every municipal client is very unique and needs a custom service model at the Plan Sponsor level as well as for their employees. I would add my experience in writing my own RFPs for recordkeepers, investment managers and advisors/consultants has helped us hone our process for RFPs, particularly in making sure we align with procurement policies and procedures.
What do you like to do when you’re not at work? Any interesting hobbies?
I love combining my interests together as much as possible. I love spending time with my family, traveling, culinary experiences and running. Probably in a more appropriate order, I run so I can enjoy those culinary experiences while traveling with my family. I volunteer and help coach my children’s track, flag football and basketball teams. |
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This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company, and the information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors LLC, A Wealthspire Company is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisors LLC, A Wealthspire Company research and professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
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