CalSTRS staff plans throughout the year to issue at least two RFPs one for U.S. large-cap managers across all styles and another to target international small-cap managers, according to the $170.3 billion systems 2008-09 investment plan. Other RFPs will be issued as needed, according to the plan write-up on the CalSTRS website.
CalSTRS also plans to review its external equity managers responsible for nearly $40 billion in assets, pending the approval of the investment plan, to be considered at the systems July 10 investment committee meeting.
Staff wants to review how the 49 external domestic and international managers currently running equity assets for the California State Teachers Retirement System, Sacramento, complement each other within the portfolio. Terminations and searches could result, while some current managers could gain or lose assets, according to the investment plan.
Staff also recommended merging its entire $67 billion U.S. and $35.6 billion non-U.S. equity overall portfolios into a global equity portfolio in an effort to eliminate the home country bias. It was not known whether searches will result.
Other suggested changes include breaking out the $1.85 billion corporate governance portfolio into its own unit, and creating a new research and risk unit.