US - The US$33.6bn Teachers' Retirement System of the State of Illinois (TRS) has awarded Western Asset Management a US$934m US index mandate.
The TRS board of trustees said the firm would manage their US Index Plus product, with funding coming from TRS’ equity index accounts.
In addition, the fund will invest US$70m in Carlyle Realty Partners IV, a diversified real estate fund.
TRS is the retirement system for public school teachers and administrators employed in all Illinois public schools except the city of Chicago. It serves more than 325,000 members and annuitants.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.