New York State Teachers' Retirement System, Albany, hired Aberdeen Asset Management to manage up to $250 million in international equities, John Cardillo, a spokesman for the $76.5 billion system, wrote in an e-mail response to questions.
Funding will come from the “relocation of funds from our ADR portfolio,” Mr. Cardillo wrote. No managers were terminated to provide the funding.
The system also renewed the contract of BlackRock Institutional Trust, which runs $3.4 billion in enhanced index international equity, for one year starting Sept. 21, Mr. Cardillo wrote.
Separately, the system also committed up to $75 million each for the Lone Star Real Estate Fund (U.S.) and Lone Star Fund VII (U.S.); up to $50 million for the Cornerstone Patriot Fund; and up to £30 million ($48 million) to the Inflexion 2010 Buyout Fund, according to information posted on the system's website.