New York State Common Retirement Fund, Albany, added $250 million each to portfolios run by active equity managers T. Rowe Price and Templeton Investment Counsel and changed their mandates to global stocks, confirmed Olayinka Fadahunsi, a spokesman for state Comptroller Thomas DiNapoli.
T. Rowe Price had managed domestic large-cap growth equities, according to the comptroller's website. The added allocation to the new global portfolio raised the portfolio's assets to about $576 million, Mr. Fadahunsi wrote in an e-mail.
Templeton had managed an EAFE portfolio, according to the comptroller's website. That portfolio now has $1.6 billion, Mr. Fadahunsi wrote.
The additional money came from the $140.6 billion fund's equity allocation. No managers were terminated. The changes in mandates for T. Rowe Price and Templeton reflect the New York fund's ongoing rebalancing, Mr. Fadahunsi wrote.
The pension fund also committed $30 million to Red Fort India Real Estate Fund II and $32.6 million to Sveafastigheter Fund III AB, both through the Lake Montauk Real Estate real estate fund of funds managed by Franklin Templeton Real Estate Advisors.
Separately, Hoover Investment Management resigned from a $213 million small-cap equity portfolio. According to Mr. Fadahunsi's e-mail, “some of the management staff left Hoover Investment Management, and the firm elected to close the account rather than to continue work on the account.”
The fund hasn't determined how the Hoover assets will be allocated, Mr. Fadahunsi wrote.
Mr. DiNapoli is sole trustee of the state retirement fund.
