New Mexico Educational Retirement Board, Santa Fe, N.M., revised its investment policy statement to change its core bonds and real estate investment trust benchmarks to lower costs, said Bob Jacksha, chief investment officer of the pension fund.
The $15.7 billion pension fund board replaced the Bloomberg Aggregate Bond Index with the FTSE US Broad Investment-Grade Bond Index, and replaced the Wilshire REIT index with the MSCI REIT index.
Both changes were prompted by the legacy index providers instituting high fees for access to the indexes, Jacksha said.
