Maryland invests $1 billion in global equity

Maryland State Retirement & Pension System, Baltimore, yesterday approved investing $500 million with T. Rowe Price for global equities, according to R. Dean Kenderdine, the system’s executive director. The board of the $35.4 billion system also invested $500 million in a long-term global growth portfolio run by Baillie Gifford, Mr. Kenderdine said. He would not say how the investments would be funded, but said no managers were terminated. “It’s a broadening and diversification of our pool of managers in the global equity space,” Mr. Kenderdine said. The investments were first reported Tuesday afternoon on Pensions & Investments’ website, pionline.com.