CalSTRS allocated an additional $225 million to its emerging managers program, said spokeswoman Sherry Reser. The $129 billion California State Teachers' Retirement System, Sacramento, boosted the portfolio run by FIS Group by $125 million to $300 million. The fund also added $100 million to a portfolio run by Russell Investment Group, bringing it to $300 million. Funding came from cash.
CalSTRS' third emerging manager mandate, run by Northern Trust Global Advisors, was not changed despite recent personnel turnover, Ms. Reser said. Northern Trust ran $270 million in the portfolio as of March 31. Ms. Reser said fund officials increase communications with managers following staff departures.
Separately, CalSTRS hired Altura Capital to help reach out to minorities through the fund's entire investment program. The firm will develop a database of emerging financial services providers as well as assess investment strategy and make recommendations affecting CalSTRS' investment policy. "It's a comprehensive, all-inclusive look at how we look at diversity in all of our programs," Ms. Reser said.