Minnesota State Board of Investment, St. Paul, hired State Street Global Advisors to manage target-date funds that the board’s $3.7 billion 457 plan will add as investment options on July 1, said Howard J. Bicker Jr., executive director.
SSgA was selected at the board meeting Wednesday.
Also, the board, which oversees $48.1 billion in retirement plan assets, terminated Lord Abbett, which managed $300 million in active domestic large-cap value equities, because of personnel changes, Mr. Bicker said. The money will be moved to cash for benefit payments.
The board approved commitments of $100 million each to five current private equity managers for new funds: GTCR Fund X; CS Strategic Partners V; Summit Partners Growth Equity VIII; Vestar Capital Partners VI and Merit Energy Partners H funds.