CalSTRS Directed Brokerage Program 2015 Annual Report

CalSTRS Directed Brokerage Program 2015 Annual Report

Overview
Global Equity - Directed Brokerage Program

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

General Information

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.