Teachers Retirement System of Illinois, Springfield, trustees shifted $1.4 billion of stocks, bonds and cash within the fund's $18 billion in assets; and will search for a real-estate appraiser, a TRS statement said.
Hired were: Capital Guardian for $200 million and Brandes for $100 million, both in active EAFE-style equity; and Edgar Lomax for $25 million in U.S. large-cap equities.
TRS trustees also shifted U.S. fixed-income assets among existing managers: BlackRock received $200 million, bringing its total to $451 million (using Sept. 30 numbers); Payden & Rygel received $225 million, for $432 million in total; Western Asset received $225 million, for a total of $434 million; and Chicago Trust was given $75 million, for a total of $131 million.
The fund also will shift $15 million in Ark Assets' specialty growth U.S. equity product to its small-cap value equity product. The fund allocated $300 million of STIF funds run by Northern Trust, the fund's master trustee and custodian, to an enhanced cash allocation.
John Day, acting executive director, declined to say if managers were terminated.
Upholsters International Union Pension Trust, Trevose, Pa., hired MacKay Shields and Janus as large-cap growth managers. Each will run $20 million, funded from a rebalancing among existing equity managers.
The rebalancing will bring the $1 billion fund back to its 70% stock/30% bond allocation, said Richard Hoffmann, counsel and director of operations. The search was done in-house.