Texas TRS Hires for Partnership Program
April 11, 2008
The Teacher Retirement System of Texas (TRS) has partnered with four firms for its new Strategic Partnership Program.
The program is designed to focus on long term partnerships with the four managers and will utilize the full global capabilities of each of the selected firms.
BlackRock, JPMorgan Chase, Lehman Brothers and Morgan Stanley have been selected to participate in the program. Each firm will receive $1 billion.
"The four partners will focus on global public equity investments," said Howard Goldman, spokesman for TRS. "They will manage the investments pursuant to the existing TRS asset allocation.
The partnerships are the most recent brainchild of Britt Harris, the plan's CIO. Since taking the top investment post with the $110 billion TRS in 2006 Harris has made sweeping changes to its investment operations in order to make up the plan's $13 billion shortfall. Under Harris the plan has shifted approximately $38 billion into alternative investments (See IMW, 4/23/07 and 2/19/07).
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