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 and Lifetime Savings Association (PLSA) has revamped the standards for its Pension Quality Mark (PQM) in a bid to raise the quality of single-employer defined contribution schemes.
People approaching retirement are "systematically misjudging" their longevity and undervaluing annuities, the Institute for Fiscal Studies (IFS) says.
Professional Pensions is holding a breakfast briefing on engaging defined contribution (DC) members on 7 February.
Panellists at a PP webinar discuss October's High Court judgment on GMP equalisation, how schemes have responded, what their strategies should be, and how the industry can approach it.