HARTFORD, Conn. - Connecticut Retirement Plans and Trust Funds hired Putnam and INVESCO to join existing manager Morgan Stanley Magnum in running a total of $899 million in international core equities, said Bernard Kavaler, spokesman. The $19 billion system also hired Clay Finlay and MFS to run the system's $827 million in active specialist international growth equities, replacing Citigroup, Mr. Kavaler said. The firms will join existing managers Grantham Mayo Van Otterloo, which handles the value portion of the mandate, and Cap Guardian, which will run a new style-neutral portfolio. In addition, it hired Morgan Stanley and Brandes to manage $360 million total in active international small-cap equities, both new allocations, and rehired State Street Global Advisors to manage a passive international stock portfolio, which was reduced to $450 million from $502 million.
The moves are the result of a restructuring of the system's international stock investments, increasing them to $3.6 billion from $2.4 billion, he said.
The asset sizes for each manager have not been determined.