US - The Teachers Retirement System (TRS) of Illinois has announced plans to increase its allocation to Minority Business Enterprises from 11.5% at present to 15% in 2007.
Jon Bauman, TRS executive director said the fund’s goal was to encourage diversity by increasing the utilisation of the minority and female-owned investment managers and brokers/dealers in the TRS Investment Program.
As of March 31, 2006, the amount of TRS assets under management by 11 MBE firms totalled $4.2bn, representing 11.5% of the total fund. In fiscal year 2006, TRS said it utilised 43 MBE equity broker/dealers for US and international trading and 14 MBE broker/dealers for global fixed income trading, and it also maintains a national database of 73 minority and female-owned broker/dealers.
TRS said each public markets investment manager it retained was encouraged to establish similar utilisation goals and report to the fund on a quarterly basis about their progress towards attaining the objective.
By Damian Clarkson
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