New York State Teachers Retirement System, Albany, plans to conduct an invitation-only search for active international equity managers, said Dave Daly, spokesman for they system. Consultant Callan Associates is compiling a list of managers for the $78 billion system. It will not issue RFPs; further details have not been established.
Separately, the system terminated Lincoln Capital Management due to performance and personnel changes; it ran $314 million in active domestic large-cap growth equities. The money will be moved into the systems internally run, passively managed Russell 3000 index fund.
Alexander Knowles, marketing director at Lincoln, said, "We had a tough period in the fourth quarter of 2000 and the first quarter of 2001, when big-cap funds got hit hard. Since theyre all doing well now, we wish they (NYSTRS) had stuck with us, but they saw fit to make the change.