CalSTRS Seeks Firms for Developing Manager Programs in Fixed Income and U.S. Equities.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). State Teachers' Retirement System has launched searches for investment management firms for its Fixed Income and U.S. Equities developing manager programs. The final filing date for both requests for proposals is May 30, 2007, with selections expected in the fall of 2007. See www.CalSTRS.com/rfp for information on how to obtain a copy of the requests for proposal. CalSTRS defines a "developing manager" as any investment management firm with less than $2 billion under management. Dollar amounts have not yet been established for these programs. For the developing manager program in the Fixed Income portfolio, CalSTRS intends to award one or more contracts to: 1. Developing investment management firm(s) who will, as fiduciaries, directly manage a portfolio on behalf of CalSTRS; or, 2. Investment management firm(s) who will construct, monitor and manage a portfolio comprised of developing managers within a fund-of-funds format. For this request for proposal, fixed income managers are defined as U.S. and global fixed income managers. Non-dollar and emerging markets managers are not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. in this request for proposal. The one or more firms selected for the developing manager program in the U.S. Equities portfolio will expand a $1 billion mandate currently shared by FIS FIS n abbr (BRIT) (= Family Income Supplement) → ayuda estatal familiar Funds Management, Northern Trust and Russell Investment Group Russell Investment Group is an investment firm with global reach, providing investment products and services to individuals and institutions in 44 countries. A pioneer in multi-manager investing, and the creator of Russell Indexes, Russell manages more than US$200 billion in assets . The new firm(s) will construct, manage and monitor a fund of funds Fund of Funds A mutual fund that invests in other mutual funds. Notes: For example, an investor would select a general risk profile and the fund-of-funds manager would pick underlying investments from a range of products managed by external managers. comprised of developing managers. In addition to awarding one or more contracts with each proposal, CalSTRS may also use this process to establish a pool of qualified investment management firms as additions or replacements in the future. In the event that none of the proposals are satisfactory, no selection will be made. With a $162.2 billion investment portfolio, the California State Teachers' Retirement System is the second-largest public pension fund in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It provides retirement, disability and survivor benefits to California's 800,000 public school educators and their families. |
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