The $13 billion Public School Retirement System of Missouri and the Non-Teacher School Employee Retirement System of Missouri, both in Jefferson City, hired BlackRock Financial Management for an active mortgage and asset-backed securities account of about $604 million. Funding comes from a reallocation of existing fixed-income assets, but no managers were terminated.
The funds also decided to retain Boatmen's Trust and NISA Investment Advisors for active domestic core fixed-income assignments of about $1.5 billion each.
In addition, the funds expect to choose managers for five U.S. equity assignments June 11-12. The funds plan to hire two large-cap value managers and one large-cap growth manager, all for assignments of about $700 million, and one active small-cap growth and one active small-cap core manager, each for about $250 million. Funding will come from existing managers, but the fund has not decided which ones, said M. Steve Yoakum, executive director.
