US - The US$170bn California State Teachers' Retirement System (CalSTRS) has been awarded the 2008 'Pacesetter' award for supporting and developing diversity in investment management.
Christopher J. Ailman, CIO, CalSTRS, said: "We at CalSTRS are proud to be acknowledged for our efforts and commitment to diversity in the securities industry and for the recognition that diversity is the natural product of a meticulous search for excellence.
"Our leadership in this area would not be possible without the insight and dedication of Investment Branch executives Elleen Okada, Solange Brooks, Michelle Cunningham and Trish Taniguchi," Ailman added.
NASP said the award was given in part for the fund's 2003 study "A Review of Developing Managers and Developing Manager Programmes" which had become a widely used framework for many pension funds when selecting women and minority-owned investment advisers.
CalSTRS added while it could not use gender or ethnicity as a guideline to selecting funds, firms owned by women and minorities were well represented in its emerging manger programme as a result of the size of the companies involved.
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