US - The new chief investment officer at the Teacher Retirement System of Texas (TRS) has revealed plans to boost the fund's allocation in alternative assets to 30%.
T. Britton Harris, the former chief of hedge fund firm Bridgewater, said he wanted to increase the US$112bn fund’s returns by 1%, according to a report by the Wall Street Journal.
Harris said this figure could be achieved by investing in vehicles lowly correlated to stocks and bonds, thereby retaining the current level of risk.
Texan legislation has capped hedge fund allocation at 5%, which is the current figure of the fund’s overall holding in alternatives.
Coinciding with the state’s interest in the vehicle, the Texas Hedge Fund Association opened in Houston in May.
Officials said its aim was to issue information and create a networking resource for hedge fund managers and investors alike.
The organisation was set up following calls from the state’s managers that they were often left out of national debates partly due to the geographical location.
Harris previously managed the $70bn Verizon pension fund in which a 17% share of the portfolio was allocated to alternative vehicles.
Previously, TRS had unfunded liabilities of $13bn, but recent changes to the law have allowed state contributions to pull it out of deficit.
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.