US - Pyramis Global Advisors risks losing an international equity mandate worth US$1bn from the Illinois Teachers' Retirement System (TRS) after it was placed on the fund's watch list for organisational reasons.
Payden & Rygel's $659m fixed income core plus mandate was also in jeopardy after it was place on the watch list for performance reasons, and INVESCO, which manages $1bn in international equity, remained on the list for performance reasons.
The fund also tendered for an international equity investment manager, and said funding would be determined by the results of an asset allocation study to be presented in December.
TRS authorised an RFP for a private equity distribution manager to assist in the liquidation of securities received from the fund’s private markets investment managers.
The fund announced that its funded status had increased slightly from 60.8% to 62% during the fiscal year ending June 30, although its unfunded liability now exceeds $22bn.
TRS earned 12.2% gross of fees on its investments during fiscal year 2006, beating its benchmark of 11.3%.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers