New York State Teachers' Retirement System, Albany, has renewed a series of investment managers, each for one year for a combined commitment of approximately $9 billion and each approved Jan. 25 by the $139.6 billion pension system's governing board.
The board also approved a one-year renewal for Callan as the general investment consultant, effective May 1, and a one-year renewal for the Bank of New York Mellon as an agency securities lender for public securities assets, effective March 17.
The investment manager renewals are:
- Arrowstreet Capital, for $2.81 billion, as an international equity manager benchmarked to the MSCI ACWI ex-U.S. index and a global equity manager benchmarked to the MSCI ACWI index, effective March 26.
- BlackRock, for $1.52 billion, as a manager of commercial mortgage backed securities, effective April 3.
- Cohen & Steers Capital Management, for $1.35 billion, as an active manager of real estate investment trusts and real estate operating companies, effective Feb.2.
- RhumbLine Advisors, for $1.02 billion, as a passive international equity manager, benchmarked to the MSCI ACWI ex-U.S. Index, effective March 30.
- Principal Real Estate Investors, for $465.2 million, as an active manager of real estate investment trusts and real estate operating companies, effective Feb. 11.
- Columbia Management Investment Advisers, for $384.6 million, as an active U.S. high yield manager benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4) effective March 6.
- J.P. Morgan Investment Management, for $371.5 million, as an active U.S. high yield manager benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4) effective March 5.
- Xponance, for $350.5 million, as a manager of international equity, benchmarked to the ACWI ex-U.S. Index, effective April 25.
- Ariel Investments, for $333.4 million as an MSCI ACWI ex-U.S. international equity manager, effective April 10.
- PGIM, for $162.4 million, as an active U.S. high yield manager benchmarked to the Bloomberg U.S. High Yield 1% Issuer Capped Index, effective Feb. 21.
- Raith Capital Partners, for $155.4 million, as a debt separate account adviser to advise on the "acquisition, management and exit of public and private opportunistic commercial real estate debt opportunities," effective Feb. 7.
- AEW Capital Management, for $90.5 million, as an active manager of real estate investment trusts and real estate operating companies, effective April 15.
