Illinois Teachers Retirement System, Springfield, retained State Street Global Advisors as manager of a combined $4 billion in passive strategies, giving it a two-year contract. SSgA has managed index funds for the $21.3 billion system since 1998.
The board also hired Grantham Mayo Van Otterloo to manage $230 million in emerging markets equities, and Harris Associates and Artisan Partners to run $215 million each in a return-focused international equity strategy. Funding came from reducing the portfolios of existing active international equity managers Brandeis, Capital Guardian Trust, Delaware Investments, INVESCO and Martin Currie. The total international equity allocation at TRS is $2.8 billion, of which $135 million is passively managed and will not be affected, said John Day, assistant executive director and acting CIO.