International Equity Asset Class

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Idaho Endowment Approves Foreign Stocks Boost

The $1.2 billion Idaho Endowment Fund Investment Board (EFIB) has made its first changes resulting from a portfolio structure review, said Larry Johnson, manager of investments at the plan. 'At the August 19 meeting, the board approved, in concept, an increase in our international equity target from 20% of total equity (14% of the fund) to 30% of total equity (21% of the fund), but no specific manager changes were endorsed,' Johnson told IMW via e-mail. …

Arkansas Cops Unload Equity Manager

The roughly $215 million Arkansas Police Retirement System has reportedly removed UBS Asset Management from an international equity portfolio. According to published reports, the fund saw its foreign stock portfolio dip from $50.2 million to $41.7 million during the last fiscal year. Gail Stone, executive director at the Little Rock plan, could not be reached for additional details by press time. However, local reports indicate that the system will meet with potential replacement managers at its November…

Oregon Council Commits to Three New Funds

The Oregon Investment Council (OIC) made three new investments at its meeting on Wednesday, spokesman Ley Garnett told IMW via e-mail. AllianceBernstein received $200 million for its All Asset Deep Value Fund L.P. 'It's planned to be a $2 billion fund to take opportunities in residential real estate, Garnett said via e-mail. …

CalSTRS Loses Global Equities Head

Eileen Okada will retire from her post as director of global equities at the $170 billion California State Teachers' Retirement System (CalSTRS) on Nov. 1. According to the fund's Web site, Okada had been on leave since March 28. She joined CalSTRS 36 years ago as an accountant. In the meantime, the plan's CIO Christopher Ailman will oversee the roughly $100 billion portfolio, which encompasses both U.S. and global equity. EFL Associates has been retained by the Sacramento…

City of Knoxville Creates New Allocations

The $540 million City of Knoxville Pension Board will meet with consultant Dan Holmes of Summit Strategies next month to discuss ways to implement recently approved allocations, said Mike Cherry, executive director at the fund. Following the results of an asset/liability study, the plan decided to carve out allocations of 11% to portable alpha, 5.5% each to emerging markets equity and international small-cap equity and 5% each to private energy and private equity, Cherry said. Within…

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Michigan Plan Adds On Int'l Equity Firms

The $173 million Monroe County Employees Retirement System has added on two new international equity managers at the fund. According to its September minutes, the Michigan system decided to award $10 million each to growth managers Eagle Global Advisors and Renaissance Investment Management.

Illinois Muni. Adjusts Asset Allocation

The Illinois Municipal Retirement Fund (IMRF) approved changes to its investment scheme last month, according to the highlights from a recent board meeting posted on its Web site. The fund has increased its target allocation to equities from 63% to 70%, while trimming its target fixed-income allocation down to 30% from 37%.

St. Paul Teachers' Up Int'l Equity Goal

The roughly $1 billion St. Paul Teachers' Retirement Fund Association will make a slight increase to its international stock portfolio at the expense of its domestic equity allocation, said Phil Kapler, executive director at the Minnesota plan. He said the fund would be shifting 3% from domestic equity to international equity, bringing its allocation to foreign stocks to 28%.

Washington State Seeks Index Managers

The Washington State Investment Board (WSIB) wants to hear from firms who provide index related products. According to a recently issued RFP, the plan will focus primarily on non-U.S. equity products, but is also interested in managers who could provide index related products in global, U.S., emerging markets and fixed-income as well as customized funds, risk-based and target-date funds. The board will consider mutual funds, commingled, and separate account vehicles. However, the product 'may or may not include full stock replication, stratified sampling or other optimized techniques, ETFs, futures, forwards, swaps, other derivatives and/or any other innovative beta exposure products.'

New Hampshire Looks At Two Asset Classes

The New Hampshire Retirement System will be making changes to its international equity structure based on recommendations made by Ennis Knupp + Associates According to recently released minutes from the investment committee's September meeting, the consultant conducted a review of the asset class following the transition of a Walter Scott & Partners portfolio from an international equity mandate to a global equity mandate.

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