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
The HSBC Bank UK Pension Scheme is to invest £250m in renewable energy infrastructure, such as solar plants and wind farms, with Greencoat Capital.
With Brexit talks breaking down late on Sunday night in Brussels over the Irish border, investors may be wondering how to best navigate the next few weeks and months. Our assessment is that a number of UK assets have already priced in a significant chance...
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.