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).
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.