Denver Public Schools Retirement System hired Northern Trust to run $50 million in a Russell 1000 index fund, said David A. Stella, executive director. Northern Trust already manages a $115 million S&P 400 index fund and a $103 million S&P 500 index fund for the $2.1 billion system. The system also added $10 million to an active international large-cap core equity portfolio managed by Morgan Stanley, bringing it to $120 million, he said.
Partial funding for both placements came from liquidating two mortgage accounts run by Legg Mason and GMAC; further information wasnt available. The balance of funding came from rebalancing and cash, Mr. Stella said. The systems asset allocation is 61% equity and 39% fixed income. No consultant was used.