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%.
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point