California State Teachers' Retirement System, Sacramento, delegated authority to pick new options for its 403(b) defined contribution program to CEO James Mosman. Mr. Mosman said he plans to do a search in the first half of the year for at least three new firms to provide an intermediate fixed-income index fund, domestic equity small-cap fund and international equity MSCI EAFE index fund. He said managers chosen would come from the ranks of mutual funds or insurance company investment products. The 403(b) plan has less than $20 million in assets.
CalSTRS also picked Russell Reynolds to assist in a CIO search. The firm is expected to bring in candidate recommendations in March or April. Thomas Flanigan, the $65 billion fund's current CIO, is competing for the job.