Connecticut Retirement Plans and Trust Funds, Hartford, hired Pension Consulting Alliance as its real estate consultant. The $20 billion system also hired Merrill Lynch and Fidelity to run about $215 million each in active risk-controlled international equities. The managers replace DSI, which managed the portfolio passively. The hirings are subject to negotiations.
Separately, the system’s investment advisory council heard presentations from finalists in its search for managers to run two portfolios. Morgan Stanley, Goldman Sachs, Clay Finlay and INVESCO are in the running to manage $860 million in international core equities, and Nordea, Capital Guardian and Putnam, $285 million in style-neutral international equities. No deadline has been set for selections.
State Treasurer Denise L. Nappier also submitted a proposal to change the $8 billion domestic equity program, allocating at least 30% of trading brokerage commissions to Connecticut-based brokers, 25% to minority- and women-owned broker-dealers, and 5% to emerging broker-dealers.