Minnesota State Board of Investment, St. Paul, with a total of $50 billion in assets, renewed contracts for four international equity managers: Marathon Asset Management; Zurich Scudder Investment Management; T. Rowe Price International; and State Street Global Advisors. The new contracts are for five years each; portfolio sizes were not available.
The board approved shifting $125 million, or about half of the shares it holds, in the Equity Office Properties Trust common stock from the states Basic Retirement Fund to the Post Retirement Fund. The stock was acquired through consolidation of several real estate trust IPOs that originally were part of the Basic Funds alternative investment program. Trustees decided the stocks growth and income characteristics make it more appropriate for the Post Retirement Fund, according to SBI documents.
The board also voted to commit a maximum of $1.5 million to the Crescendo IV private equity fund; the amount of that investment was not available.