The governing board of the $119.9 billion New York State Teachers' Retirement System, Albany, has renewed contracts with 14 investment managers.
The board voted on the renewals Thursday at its quarterly meeting. Each renewal is for one-year; each renewal takes effect upon the expiration of the current respective contract.
The board approved renewal contracts for four firms to manage global real estate public securities benchmarked to the EPRA/NAREIT Developed Unhedged index. The firms (and the amounts they manage) are:
AEW Capital Management ($219.3 million), the renewal was effective Sept. 18;
- Brookfield Investment Management ($218.5 million), effective Aug. 15;
- Dimensional Fund Advisors ($218.4 million), effective Sept. 22;
- Heitman LLC ($217.6 million), effective Aug. 7.
The board approved renewal contracts for two firms to manage active global equity benchmarked to the MSCI ACWI. The firms (and the amounts they manage) are Harding Loevner ($508.1 million), effective Feb. 27, and LSV Asset Management ($490.9 million), effective Feb. 15.
The board also approved renewals with two firms as active global bond managers benchmarked to the Bloomberg Barclay's Global Aggregate Float Adjusted Bond index in U.S. dollars hedged to the U.S. dollars. The firms (and the amounts they manage) are: Loomis Sayles & Co., ($1 billion), effective Nov. 8; and Goldman Sachs Asset Management ($633 million), effective Nov. 12.
The board also made the following international equity manager contract renewals:
State Street Global Advisors, $8.4 billion in a passive MSCI ACWI ex-U.S. portfolio, effective Feb. 18;
- AQR Capital Management, $695.3 million in an active MSCI ACWI ex-U.S. portfolio, effective Jan. 6;
- Marathon Asset Management, $575.2 million in an active MSCI EAFE portfolio, effective Jan. 24;
- BlackRock, $537.6 million in a passive MSCI ACWI ex-U.S. portfolio, effective Dec. 12.
Also renewed were contracts with Dimensional Fund Advisors to manage $179.6 million as an active emerging markets equity manager benchmarked to the MSCI Emerging Markets index, effective Feb. 19, 2019; and Nomura Corporate Research and Asset Management to manage $50 million as an active high-yield bond manager benchmarked to the ICE Bank of America/Merrill Lynch BB-B U.S. High Yield Constrained index, effective Nov. 27.