US - The US$174bn California State Teachers' Retirement System (CalSTRS) has selected four investment managers to oversee the construction of a fund of funds for the scheme's $1.8bn US Equities Developing Manager Program.
CalSTRS, which defines a 'developing manager' as an investment management firm with assets under management below $2bn, said it had not decided on allocations to each of the four investment managers. However, it added tenders from parties interested in working as part of the fund of funds were welcomed.
Christopher J. Ailman, chief investment officer, CalSTRS, said: "These firms will help us find the stars of tomorrow as we seek opportunities to diversify and build the retirement fund for California's teachers."
CalSTRS also selected asset mangers to act as future additions or replacements, should the need arise.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
This week's top stories include an article on climate activists from Extinction Rebellion crashing the PLSA's local authority conference, and an in-depth piece on the Court of Appeal's ruling on the BIC UK Pension Scheme case.
Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled