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.
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