State of Wisconsin Investment Board, Madison, plans to reduce and possibly terminate BlackRock from a $4.7 billion MSCI World ex-U.S. index fund and use the proceeds to create its first internal international index fund.
Details were unavailable on how much the board, which oversees $83.3 billion in assets, will initially take away from BlackRock and whether it would be terminated and all the assets will be allocated to the new internal fund, said Vicki Hearing, public information officer.
The international index the in-house staff will use hasn’t been established yet, Ms. Hearing said.
SWIB plans the initial reallocation by the end of the month, she said. The move is part of an effort to move more money in-house to reduce costs.