Trian Wins $300 Million CalSTRS Mandate

Apr 6 2011 | 3:45am ET

The California State Teachers’ Retirement System has added a noted activist hedge fund to its stable of managers.

The $130 billion public pension fund has awarded a $300 million mandate to Trian Fund Management, Pensions & Investments reports. New York-based Trian is headed by Nelson Peltz, who has battled such luminaries at H.J. Heinz Co. and Kraft Foods.

Peltz this week threw his support behind a provision of the Dodd-Frank financial regulation reform law granting investors the right to nominate dissident board candidates using corporate proxy cards, rather than their own. The shareholder access rule is on hold, with the Securities and Exchange Commission awaiting the outcome of a lawsuit against it, filed by the U.S. Chamber of Commerce, before proceeding with its own rulemaking.

“Because of the way the rules work, Heinz shareholders could not mix-and-match our gold proxy card with management’s white card,” Peltz told MarketWatch. “Even in this day and age couldn’t mix proxy cards. They had to go to Pittsburgh and vote there.”

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