Sunday, 19 April 2015
Last updated 23 hours ago
Jun 20 2007 | 10:39am ET
The $162 billion California State Teachers’ Retirement System has selected Pension Consulting Alliance over Ennis Knupp as its alternative investment consultant.
During its May 3 investment committee meeting, the system’s staff was split 4-4 on their respective choices. The staff noted “the depth of the opportunistic strategies and the research tools of Ennis Knupp were a very positive factor but their lack of knowledge and understanding of the existing portfolio was a significant negative factor, while PCA has vast knowledge of the fund,” according to the meeting’s minutes.
Christopher Ailman, CalSTRS’ CIO, favored PCA stating that he and the investment staff “were comfortable with having both PCA as the general consultant and the private equity consultant, while noting that there will be a perception in the pension industry that PCA serves both of the large California public pension funds.”
Details about the contract’s fees and duration are still being ironed out, according to the system. CalSTRS’ current contract for incumbent alternative consultant McKinsey and Company, which did not rebid, expires on June 30, 2007.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…