CalSTRS Directed Brokerage Program 2015 Annual Report
CalSTRS Directed Brokerage Program 2015 Annual Report
Directed Brokerage Program Team: June Kim, Director of Global Equity; David Murphy, Portfolio Manager; Orintheo Swanigan, Investment Officer; Curtis Takechi, Investment Officer; and Tiffany Lau, Investment Officer
Chief Investment Officer Summary
The following report presents the fiscal status of the CalSTRS Directed Brokerage Program for the calendar year ending December 31, 2015. Included in the annual report is the background on the program, a glossary of terms and an educational piece on the world of directed brokerage and soft dollars.
Program Background
The CalSTRS Directed Brokerage Program, which started in the 1980s, was designed to take advantage of the credits being created from CalSTRS’ investment transactions both by internal staff and external managers. These credits were used to help offset the cost of running the overall investment program, thereby reducing the burden on the Appropriated Support budget and the Continuously Appropriated budget.