New York State Teachers' Retirement System, Albany, renewed its contract with Callan as the pension fund's general investment consultant.
The one-year renewal was approved Jan. 28 by the $134.8 billion pension fund's governing board, which also approved a one-year renewal for Callan to serve as real estate consultant, overseeing about $19.8 billion of the pension fund's assets.
In addition, the board approved a one-year renewal with Raith Capital Partners to serve as a real estate debt separate account adviser for $59.2 million in assets.
The board also approved 10 one-year contract renewals with investment managers. The renewals are:
- Cohen & Steers Capital Management, to manage $1.95 billion in real estate investment trusts and real estate operating companies.
- Arrowstreet Capital, to manage $1.3 billion in global equity assets benchmarked to the MSCI ACWI index.
- RhumbLine Advisers, to manage $896 million benchmarked to the MSCI ACWI Ex-U.S. index.
- Iridian Asset Management, to manage $872 million in active domestic midcap equity.
- Arrowstreet, to manage $831 million benchmarked to the MSCI ACWI Ex-U.S. index.
- BlackRock, to manage $829 million in commercial mortgage-backed securities.
- Xponance, formerly known as FIS Group, to manage $322 million benchmarked to the MSCI ACWI Ex-U.S. index.
- Ariel Investments, to manage $301 million benchmarked to the MSCI ACWI Ex-U.S. index.
- Columbia Management Investment Advisors to manage $287 million in active U.S. high-yield assets benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4).
- J.P. Morgan Asset Management to manage $224 million in active U.S. high-yield assets benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4).
The pension fund also reported a return, net of fees, of 6% for the three months ended Sept. 30, the first quarter of the current fiscal year. For a year-ago period, the net return was 0.9%. The pension fund's yearly assumed rate of return is 7.1%.
