Connecticut Retirement and Trust Funds investment advisory council unanimously adopted a domestic equities brokerage program to increase the number of Connecticut-based women-owned, minority-owned or emerging brokerages used by the systems managers, said Bernard Kavaler, spokesman. The $20 billion fund may begin a six-month pilot program in January.
State Treasurer Denise L. Nappier also briefed the council on private equity manager Forstmann Littles plan to restructure XO Communications; the system has a $95 million exposure to XO through its $200 million investment in two Forstmann Little funds. The restructuring would wipe out the systems investment, said Ms. Nappier. She is negotiating with the firm to avoid the losses and told the council that if a satisfactory outcome cannot be worked out, she will pursue legal action.