US - The Arizona State Retirement System (ASRS) reported a 17.8% annual return for the fiscal year ending 30 June 2007.
Michael Townsend, board chairman, ASRS, said: "Our members can be confident that the ASRS is poised to meet obligations of providing a lifelong income and a range of additional benefits when they retire."
During 2006, ASRS carried out an asset allocation study which prompted it to move 5% of its assets to private equity. To complement this move, the system also recruited a private equity consultant and developed a strategic plan for the asset class.
Following the study, the system also increased its holding in US small and mid caps to 7% and non-US equity allocation to 18%.
It also created an opportunistic asset class and absolute return classification with target allocations of 0% and ranges of 0-5%.
The fund's actuarial assumption needed to cover future liabilities remained at 8% with an annualised return since inception reaching 11%.
In February 2007, ASRS dropped Goldman Sachs Asset Management and Batterymarch from GTAA mandates worth $1.4bn and $140m respectively.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.