North Dakota State Board of Investment, Bismarck, transferred $190 million from an S&P 500 enhanced index account to an enhanced S&P 500 account that has fewer stocks and a higher excess return goal; Northern Trust is the manager for both accounts. "Based on (Northern Trust's) increased capabilities" from organizational additions, the investment board had increased expectations for the investment, according to Steve Cochrane, executive director of the board.
The board, which oversees $3.2 billion in pension assets, decided to move the money to achieve additional returns, said Mr. Cochrane. The new account comprises 207 stocks and has an excess return goal of between 150 and 200 basis points, compared with the original account, which had 265 stocks and an excess return goal of between 75 to 100 basis points.
