New York State Teachers' Retirement System, Albany, hired LSV Asset Management and Baillie Gifford to each run up to $250 million in actively managed MSCI ACWI ex-U.S. portfolios.
Both hirings were authorized at the board's quarterly meeting on April 28 and are subject to the completion of due diligence. Both are new managers for the system, John Cardillo wrote in an e-mailed response to questions.
“In both cases, the funds come from existing allocations to this asset class,” Mr. Cardillo wrote. No managers were terminated.
Separately, Sheila J. Salenger, vice president of the system's board has retired. Ms. Salenger was a board member since 1989 and was re-elected vice president at the board's quarterly meeting in January.
Under state law, the New York State commissioner of education will appoint someone to fill the vacancy until the next annual meeting of the convention of delegates of New York State public school teachers, Mr. Cardillo wrote. The delegates will elect a replacement at the annual convention in November.
No temporary appointment has been made yet, Mr. Cardillo wrote.
