US - The State of Illinois Teachers' Retirement System (TRS) has expanded its US$500m emerging managers programme to include private equity, real estate, and absolute return investment management firms.
Stan Rupnik, chief investment officer at TRS, said: "There are a number of promising firms to which TRS has had difficulty making commitments because the programme was focused on public market investments.
"Expanding the program will help TRS better utilise young firms, including minority-and-female-owned investment managers, who can ultimately grow into increased mandates within the TRS portfolio."
The board also approved the graduation of Dolan McEniry Capital Management from the emerging managers programme into the main trust fund.
The firm, which had been managing an initial $25m fixed income mandate, was awarded an allocation of $170m from the system's fixed income portfolio.
Other mandates have also been awarded by TRS, with Loomis Sayles & Company hired to manage $675m in long duration fixed income.
American Century Investments will manage a $140m international growth equities mandate, and a $200m international value equities mandate has been awarded to Dimensional Fund Advisors. TRS also committed €25m (US$38.9m) to Avenue Capital Group for investment in the private equity firm's European distressed debt fund.
TRS serves 344,432 members and its assets were valued at $38.7bn as of 31 March.
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.