Search
 
News

Texas teachers pension eyes hiring spree for investment team

The chief investment officer at the Texas teachers pension fund has proposed adding 120 people over 5 years.

By Michael McDonald | Updated on March 26, 2018
Compass with pension written on it While Texas Teachers has generated $11 billion of returns in excess of its benchmark over a decade, it has one of the highest cost structures among peers because it’s more dependent on external managers. (Photo: Getty)

(Bloomberg) –The Teacher Retirement System of Texas, one of the largest public pensions in the country, is considering almost doubling the size of its investing team so it can cut expenses by managing more of its money in-house.

Jerry Albright, chief investment officer at Texas Teachers, has proposed adding 120 people over five years, which would increase the team to almost 270 people, according to a video of a board meeting posted to the fund’s website in late February. That would allow the $150 billion pension to buy more assets directly, cut external fund managers and slice fees by at least $600 million, Albright told the board.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.