CalSTRS, with $129 billion in assets, allocated an additional $225 million to its emerging managers program. The fund 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. Northern Trust ran $270 million in the portfolio as of March 31.
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," spokeswoman Sherry Reser said.