New York State Teachers' Retirement System, Albany, authorized a new $1 billion internally managed S&P 500 index fund that will weight each stock in the index equally, said Dave Daly, spokesman for NYSTRS. The $80.2 billion system will also put $1 billion in an existing internally managed S&P 600 index fund, boosting it to $2.2 billion. Funding for both investments will come from reducing the system's $33.4 billion internally managed S&P Super Composite 1500 index fund.
Separately, the system rehired active international equity managers Causeway Capital to manage $356 million; Harris Associates, $339 million; Arnhold & S. Bleichroeder, $335 million; Mercator, $313 million; and Artisan Partners, $281 million.
Also rehired was Progress Investment Management, which runs $728 million in an active domestic small-cap and midcap equity fund of funds, and Prima Capital Advisors, $50 million in commercial mortgage-backed securities.