US - The Teachers' Retirement System of the State of Illinois (TRS) has hired three managers for mandates totalling US$330m.
Trustees also hired Putnam Investments to run a $90m small-cap international equity portfolio, 2% of the international equity portfolio, according to an announcement from the company.
Boston's mandate was funded by tapping an interim Russell 2500 growth optimized fund, Cramer's hire was funded from an interim Russell 2500 value optimized fund and Putnam's portfolio was provided from an interim optimized EAFE index fund.
In late February, trustees at the $29.1bn pensions fund announced it had fired two managers with mandates totalling $555m and put another five, with portfolios worth a combined $2.62bn on watch, as it reviews its investment strategy and managers ahead of an April asset allocation review. (Globalpensions.com; 23 February 2009).
This week's edition of Professional Pensions is out now.
Laytons partner Jennie Kreser speaks of her concerns over pension outcomes.
Guy Opperman has indicated his support for a fresh pensions commission as the government seeks to understand how to progress pensions policy in a wide range of areas.
Auto-enrolment (AE) minimum contribution rates could rise to 12% by 2030, with a 50/50 split between employer and employee, the Pensions and Lifetime Savings Association (PLSA) says.