California State Teachers' Retirement System, Sacramento, selected a new real estate consultant, Pension Consulting Alliance/E&Y Kenneth Leventhal, subject to fee negotiations. PCA will replace Institutional Property Consultants, which resigned early last year. One of the new consultant's first jobs will be to determine if the fund should have an allocation for REITs.
Also, as expected, the $80 billion fund approved an RFP for up to 16 active domestic equity money managers.
The managers to be hired will be allocated about $4 billion, not $15 billion as reported Wednesday in P&I Daily. The fund's six current U.S. equity money managers, which have a total of $2.5 billion under management, are expected to apply for re-hiring.
CalSTRS will start an internal $1 billion domestic equity fund in April.
Massachusetts Port Authority Employees' Retirement System, Boston, hired Templeton Investment Counsel for a $20 million broad non-U.S. equities portfolio. Funding came from a $10.4 million allocation to a now-closed international equities commingled fund run by Wellington and reallocations from other asset classes of the $212 million fund.
The fund decided for performance reasons to divest from the fund before announcement last year that it would be closed, said Irene Moran, retirement board administrator. Calls to Wellington were not returned by press time.
White Cap Inc., Downers Grove, Ill., hired American Express as a bundled provider for its defined contribution plan. Previously, the $61 million plan had Northern Trust as trustee and Mercer as record keeper.
The amount of investment options will increase to seven from three on April 1. Vanguard had provided a fixed-income fund and a balanced fund. The plan also had annuities grouped into one option, which will be kept until the contracts expire