SEARCHES AND HIRES

CalSTRS taps Parametric for $100 million overlay strategy

California State Teachers' Retirement System, West Sacramento, hired Parametric Portfolio Associates for a $100 million equity overlay strategy, spokesman Ricardo Duran said in an interview Wednesday.

The program was funded in January and February and uses options to reduce volatility and offer downside protection.

The new portfolio is part of the $190.8 billion pension fund's risk and innovation portfolio. The $2.2 billion portfolio, of which $1.7 billion is funded, is made up of various investment programs to which CalSTRS initially makes small commitments to test the investment programs' success.