The Illinois State Universities Retirement System (Illinois Surs), Champaign, has dropped its equity fund manager Payden & Rygel, Pensions & Investments reports. The California-based global independent investment manager ran the system’s $162 million in active global core equities. The move comes as part of a restructuring of Sur’s global managers’ allocations to equalize their weightings.
The $12.5 billion system aims to reallocate the proceeds among remaining global equity managers. Surs also changed the mandate of Mondrian Investment Partners to active-value global equities. Previously, Mondrian ran $212 million in international equities.
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