Washington State Investment Board, Olympia, chose seven managers to run a total of $2.6 billion in international equities, said Jim Parker, executive director for the $50.4 billion system.
Delaware International Advisors, Putnam and Dresdner RCM will manage $600 million each, he said. Artisan Partners, Pyrford International, Nicholas-Applegate and TT International will manage $200 million apiece, he said. Each has license to invest up to 10% of its portfolio in emerging markets. The board’s benchmark is the MSCI ACWI ex-U.S. index. Funding will come from two sources. The first is a $1.1 billion reduction in State Street Global Advisors’ current $3.6 billion international index portfolio. The balance will come from existing managers whose contracts expire June 30.
