US - State Street Global Advisors has held on to a US $4bn passive mandate following Chicago-based Illinois Teachers' Retirement System's (TRS) decision to put it out to tender.
The firm has been retained for two years because, according to Jon Bauman, executive director at TRS: “The System found their proposal to be most responsive to our RFI in terms of performance, fees, organisation, and competency in running large index funds.”
The decision is one of a raft of mandate changes made by the firm in the last few months following an asset allocation study in April 2002. These include the hiring of Grantham, Mayo, Van Otterloo & Co to manage a US$230m international equity emerging markets mandate and the hiring of Harris Associates and Artisan Managers to each handle an international equity return focused mandate of approximately US$215m.
Regarding private equity – an area the fund is looking to increase its exposure to – US$50m was allocated to Castle Harlan Partners IV for investment in buyout private equity, and up to US$50m to the OCM Opportunities Fund V for investment in distressed debt private equity.
Bauman added: “The majority of the manager changes are the result of manager structure studies arising from an asset allocation study.
“In addition, managers’ performance is reviewed on an ongoing basis. Several incumbent managers whose performance failed to meet our expectations or who had organisational issues arise were terminated.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.