US - The $23bn Illinois Teachers' Retirement System has removed a $844m active US large cap growth mandate from Lincoln Capital Management, and has given the money to State Street Global Advisors (SSgA).
Jon Bauman, executive director at the fund, said that the money that Lincoln Capital used to manage will be temporarily invested in a passive S&P 500 fund, run by SSgA.
Although he declined to comment on the reasons behind Lincoln Capital’s termination, Bauman did say that the arrangement with SSgA will only be in place until the teachers pension fund has hired a new chief investment officer (CIO). Bauman added that the fund hopes to have a new CIO in place by the end of the year.
Additionally, Bauman revealed that a special meeting of the fund's trustees has been convened to decide upon a new investment consultant to replace Strategic Investment Solutions. The meeting will take place on November 30, he said.
By Geoffrey Ho
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.