SPRINGFIELD, Ill. - The $22 billion Teachers' Retirement System of Illinois approved a new structure for its $3.3 billion international equity allocation; no terminations will result.
The changes are part of the plan's ongoing asset allocation review and restructuring. State Street Global Advisors, Boston, will manage $66 million, down from $132 million, in a passive EAFE fund - trustees voted to change the fund's benchmark to the Morgan Stanley Capital International Europe Australasia Far East index from the Morgan Stanley All Country World ex-U.S. index.
Capital Guardian Trust Co., Los Angeles, will manage $495 million in active international core, down from $594 million; INVESCO, Atlanta, will manage $495 million in active international value, down from $627 million; Martin Currie Inc., Greenwich, Conn., $495 million in active international growth, down from $594 million; Brandes Investment Partners LP, San Diego, $495 million in active international value, down from $660 million; and Delaware International Advisers Ltd., Philadelphia, $495 million in active international value, down from $693 million.
The system's trustees also reviewed the plan's $7.7 billion in fixed-income investments, but delayed restructuring the asset class. Consultant Callan Associates, San Francisco, along with staff for the plan, recommended the plan move away from separate U.S. and international fixed-income managers and benchmarks.
