Texas Teacher Retirement System plans to open its first international investment office in London's West End.
The investment division of the $132.4 billion pension fund is establishing a presence in Europe in order to “have greater access to more profitable investment opportunities,” particularly co-investment opportunities, a news release said.
One of the two current investment officials who will be transferred from TRS' Austin headquarters is Vaughn Brock, who was director of special projects. Juliana Fernandez Helton, a TRS spokesman, said his new title is director. The second person to be transferred has not been determined yet, she added. A third European investment professional will be hired from London, the news release said.
“We are confident that our new London office will give TRS a strategic advantage in terms of identifying investment opportunities in the U.K. and Europe that can deliver greater returns at a lower cost to our members,” said R. David Kelly, chairman of the pension fund's board of trustees, in the release.