New York State Common Retirement Fund, Albany, reduced its external domestic and international equity manager lineup in June, terminating relationships with four managers worth a combined $5.43 billion, confirmed Eric Sumberg, spokesman for the $146.5 billion system.
Mr. Sumberg said the investments will be moved into internally managed passive accounts as part of the ongoing implementation of the fund’s global equity strategic plan. He could not comment further on the details of the plan.
Contracts that were not renewed were:
• $1.1 billion in large-cap domestic equities run by Jacobs Levy;
• $1.1 billion in international equities run by AllianceBernstein;
• $954 million international alpha tilts mandate with BlackRock; and
• $571 million large-cap domestic equity portfolio run by Chicago Equity Partners.
The system also reduced its international equity allocation to Capital Guardian to $1.6 billion from $3.3 billion.
The fund committed an additional $150 million in domestic equity to Piedmont Investment Advisors.
It also made a $100 million commitment to private equity fund Snow Phipps II and a $123 million commitment to Shurgard Europe, a private self-storage company.
Further details could not immediately be learned.