California State Teachers' Retirement System today is expected to start the process of putting $15 billion in active U.S. equity assets up for grabs.
Trustees are expected to approve an RFP for 16 contracts, expected to go to large- and small-cap growth and value managers and one or more enhanced index managers.
The $86 billion Sacramento-based fund also is expected to set up a pool of active domestic equity managers to replace managers that are hired but subsequently terminated. The RFP is expected to be out this month with a filing date sometime in April. The final selection date isn't scheduled yet. The contracts are expected to be open-ended.
Paul Silvester, Connecticut treasurer; and Richard Blumenthal, Connecticut attorney general - will join forces with a group of 12 pension funds suing officers of Columbia/HCA Healthcare Corp.
The state cannot join the suit because one defendant is from Connecticut; plaintiffs and defendants must be from different states in federal lawsuits not based on federal law issues. However, Connecticut has retained the same legal counsel the other pension funds are using, and will have input on the litigation.
The pension funds seek to recoup profits Columbia/HCA officers made from selling their stock, after allegedly abusing their authority.
Mr. Silvester oversees the $17 billion State of Connecticut Retirement & Trust Funds, Hartford, that owns 1.3 million shares of Columbia, valued at $37.4 million.
Northern Trust wound up paying First Chicago $50 million in cash for its ANB Investment Management unit when the deal to buy the index fund manager was closed. That price, first announced when the deal was proposed in October, had been tentative depending on clients remaining.
ANB has $28 billion to $30 billion under management. It will be operated as Northern Trust Quantitative Advisors. Northern Trust will assign its existing $11 billion in passive investments to NTQA.