The $89bn New York State Teachers Retirement System (NYSTRS) is searching for two managers to run up to $500m in enhanced passive international equities mandates.
Evaluation Associates (EAI) will be conducting the search for NYSTRS. According to a spokesman for the fund, the search is effective immediately. The spokesman declined to reveal when the closing date for interested parties was or when appointments are likely to be made.
Additionally, NYSTRS has removed a $358m emerging equities mandate from Capital International, following an asset allocation study. The study, conducted by Connecticut based EAI, recommended that NYSTRS scrap its 1% emerging markets allocation as a separate asset class. Instead, emerging markets will now form part of the international equities portfolio.
With the addition of emerging markets, NYSTRS international equities now stands at 10% of the funds total assets. NYSTRS said that it will now allow non-US equity managers to use emerging markets equities opportunistically within their existing portfolios by raising their maximum allowable exposure from 10% to 20%.
NYSTRS has also given British private equity firm Cinven $131m (EUR150) to put towards its latest European buyout fund. Two other private equity funds were invested in, with the CB Richard Ellis Strategic Partners II fund receiving up to $60m and Lone Star Fund IV, up to $200m. Also, NYSTRS committed a maximum of $50m to Essex Apartment Value Fund.
According to a spokesman for the fund, the board had also considered giving a $50m mandate to venture capital firm Advanced Technology Ventures (ATV). Despite the recommendation of the fund's investment staff, the board decided against giving ATV the mandate. The spokesman declined to comment on the reasoning behind the board's decision.
By Geoffrey Ho
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.