Illinois Teachers' Preps Equity Search
November 3, 2006
The $36.5 billion Teachers' Retirement System (TRS) of Illinois will launch a search for an international equity manager following the results of an asset allocation study, according to a statement issued by the plan.
The study, slated for completion in December, will help TRS determine a source of funding for the mandate.
Meanwhile, the fund has placed several managers on watch for performance and organizational concerns.
According to a statement issued by the fund, domestic equity manager Mazama Capital Management will be monitored on its $113 million small-cap growth account for poor performance, while Pyramis Global Advisors was placed on watch for a $1 billion international equity portfolio due to organizational reasons.
Fixed-income manager Payden & Rygel was also placed on watch for lackluster performance on a $659 million core-plus mandate.
Meanwhile, BlackRock, Boston Partners and Jarislowsky Fraser were all granted a stay of execution by TRS, and removed from the fund's manager watch list.
BlackRock oversees a $1.3 billion fixed-income mandate and was placed on watch in February (See IMW, 2/20/06), Boston Partners--who was placed on watch in February 2005 (See IMW, 2/28/05)-- manages $910 million in U.S. large-cap value equity and Jarislowsky Fraser handles a $495 million international equity account. The firm was placed on watch in May (See IMW, 5/29/06).
For more information on related topics, visit the following:
