Teachers Retirement System of Illinois, Springfield, approved a new structure for the $22 billion 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.
Gordon Dickinson, the funds consultant with Callan, will search for a new active, return-focused international manager to run $495 million, and the plans first dedicated emerging markets manager, which will run $264 million. The board likely will hire international equity managers at its December meeting, said Charles Self, the plans CIO.