August 20, 1999 |
The California State Teachers' Retirement System, the third-biggest government pension fund in the U.S., said it earned 13.35% on its investments in the year ended June 30. Sacramento-based CalSTRS said gains on its investments in U.S. and international stocks helped propel it to a total of $99.9 billion in assets by June 30, $11.8 billion above its total in the year-earlier period. By contrast, the California Public Employees' Retirement System, the biggest U.S.
July 9, 1997 |
The California State Teachers Retirement System has sold all its shares in Maxxam Inc. amid environmentalists' calls for divestiture. The pension fund, the company's 10th-largest institutional shareholder, sold 71,400 shares for about $3.3 million as part of "normal portfolio rebalancing" last month, said James Mosman, chief executive of the state-run fund, which has more than $72 billion in assets. He said the fund sold a total of $160 million in stocks.
May 13, 1997 |
A Maxxam Inc. shareholder proposal to have the company swap its Headwaters land in exchange for government claims from a failed savings and loan was endorsed by a large pension-fund stockholder. The endorsement came from the California State Teachers' Retirement System, which is the Houston-based timber company's 10th-largest institutional shareholder with 71,400 shares. Its recommendation was reported by the Rose Foundation, an Oakland-based environmental group.
May 10, 1997 |
The veteran chief investment officer of the $68-billion California State Teachers' Retirement System fund was replaced on Friday, a victim at least in part of his conservative investment philosophy in a roaring bull market. Thomas Flanigan, 56, who has overseen assets of the teachers' fund for 11 years, lost the position in competition with five other candidates, the CalSTRS board said. His successor will be Patrick Mitchell, 48, the fund's director of bond and stock investments.
May 9, 1997 |
The $68.5-billion California State Teachers Retirement System plans to boost its stake in global stocks and may start investing in foreign bonds. The third-largest U.S. public pension fund raised its investment target to 38% of assets in U.S. stocks and 25% in foreign shares. It currently has 34% in U.S. shares and 20% overseas. Many large public pension funds are increasing their stakes in equities in a move to boost returns by taking advantage of strong global equity markets.
March 8, 1997 |
The California State Teachers Retirement System said Friday that it has selected an Irvine firm to manage a $2.5-billion portfolio that is one of the system's riskier investments. CalSTRS said it will negotiate a final contract with Pathway Capital Management L.P. for services over the next three years, with options for two one-year extensions.
February 12, 1997 |
The investment officers of California's two big public employee pension funds are taking two very different approaches toward investing their huge asset pools--and the results may cost one of those individuals his job. The $68-billion California State Teachers' Retirement System fund, under Chief Investment Officer Tom Flanigan, has become increasingly wary of the U.S. stock market's heights, and has reduced its stake in U.S. shares to 32.9% of total assets from 41.3% three years ago.
November 8, 1996 |
The California State Teachers' Retirement System, the third-largest public pension fund in the country, wants to pay someone as much as $230,000 a year, plus a 10% bonus, to be its chief investment officer. That may sound like a pretty enticing opportunity, but only one person answered the ad. That's Thomas Flanigan, who has been in the job at the $65-billion fund since June 1985. Calsters said it will choose an executive search firm shortly to try to attract more candidates.
CALIFORNIA | LOCAL
September 10, 1996 |
When the bells ring in a new school year today in Inglewood, Morningside High School will start out the day minus a longtime English teacher known for expelling kids from his class and teaching literature straight from the book. To school administrators, he was Robert Eugene Sullivan, an experienced instructor who had been with the school for more than a decade.
April 25, 1996 |
Legislation to force California's massive government employee pension funds to divest $1.1 billion in tobacco stocks died Wednesday, as lobbyists for the pension funds and the tobacco industry insisted the stocks remain a solid investment. The bill by Assemblyman Wally Knox (D-Los Angeles) was defeated a day after the American Medical Assn. urged investors to stop investing in companies that market tobacco because of the disease it causes.