Teachers Retirement System of Illinois, Springfield, will search for a new active, return-focused international manager to run $495 million, and the $22 billion systems first dedicated emerging markets manager, which will run $264 million. Gordon Dickinson, the funds consultant with Callan, will handle the search. The board likely will hire international equity managers at its December meeting, said Charles Self, the plans CIO.
Trustees approved a new structure for the systems $3.3 billion international equity allocation; no terminations will result. The changes are part of the plans ongoing asset allocation review and restructuring. SSgA will manage $66 million, down from $132 million, in a passive EAFE index fund trustees voted to change the funds benchmark to the EAFE index from the Morgan Stanley All Country World ex-U.S. index. Capital Guardian will manage $495 million in active international core, down from $594 million; INVESCO will manage $495 million in active international value, down from $627 million; Martin Currie, $495 million in active international growth, down from $594 million; Brandes, $495 million in active international value, down from $660 million; and Delaware, $495 million in active international value, down from $693 million.