NY Teachers building internal ADR index fund

New York State Teachers' Retirement System, Albany, will create a passive international equity fund benchmarked to the Standard & Poor's American Depository Receipt index. The $80 billion pension fund will manage the fund internally, overseen by George Philip, executive director, said fund spokesman John Cardillo. The pension fund will move $500 million from other index funds, although the specific portfolios have not been decided, he said. Separately, system officials named general consultant Callan Associates as the plan's real estate and private equity consultant. Mr. Cardillo said. The plan invests about $160 million in private equity and about $8 billion in real estate.