The $60 billion California State Teachers' Retirement System, Sacramento, redistributed the $400 million formerly managed by Dunedin Fund Managers to existing managers. Most of the money is going to BZW Barclays Global because of the fund's continuing shift toward international passive management, but the exact amount was not available. Also, the fund's staff did a real estate adviser review, and said one of its separate account advisers and one of its commingled fund advisers got ``needs improvement'' ratings.
The staff said Metric Institutional Realty does a good job with asset and property management, but the acquisitions made for the fund don't meet planned performance levels. The fund also gave a ``needs improvement'' rating to The O'Connor Group for commingled fund assets it manages for the fund. It did, however, give a satisfactory review for the separate account managed by O'Connor for the fund. Officials at Metric and O'Connor could not be reached.
The fund's staff gave good ratings for separate account advisers AMB Institutional Realty Advisors, Equitable Real Estate Advisors and MIG Realty Advisors. The fund has about $1.5 billion in real estate.