CalSTRS Names Co-Directors to New Asset Class
Trish Taniguchi and Glen Blacet are named co-directors of Global Equities
Sacramento, CA – The California State Teachers’ Retirement System today announced Trish Taniguchi and Glen Blacet as co-directors of the newly created asset class of Global Equities.
The new Global Equities Portfolio, approved in February 2009, resulted from a determination that splitting equities into U.S. and non-U.S. asset classes was not an effective approach to diversification.
CalSTRS investment officials observed the high degree to which U.S. and non-U.S. equity markets behave similarly and that their risk/return profiles are comparable. This made it impractical to treat the two as separate asset classes, according to CalSTRS Chief Investment Officer, Christopher J. Ailman.
“Today’s challenging market conditions demand creative approaches to value generation,” Ailman said. “Because U.S. and non-U.S. equities are so nearly indistinguishable, it makes more sense to put them into the same large bucket. Now we have greater flexibility to move between the two as we see opportunities.”
Taniguchi and Blacet have held interim co-directorship positions since March 2008. They have since overseen the consolidation of U.S. and Non-U.S. stocks into the Global Equities Portfolio. Global Equities is targeted at 55 percent of the $114 billion CalSTRS investment portfolio and is split two-thirds U.S. and one-third non-U.S.
“Trish’s and Glen’s experience and professionalism prepared them well to be the best choices to take over the position on a permanent basis,” Ailman said. “The two have great professional chemistry and complement each other to raise the management of the portfolio to a higher level.”
As Co-Directors of Global Equities, Taniguchi and Blacet provide leadership, management and mentoring of 10 staff members as well as oversight of internally managed strategies and the activities of 51 external managers.
Prior to joining CalSTRS Global Equities in September 2001, Taniguchi spent six years with CalSTRS Private Equity. She has 16 years of investment management experience and holds a Bachelor of Science degree in business administration.
Blacet joined CalSTRS Global Equities in 2005. Prior to that, he worked as a senior portfolio manager at Barclays Global Investors. Blacet has 15 years of investment management experience and holds a Bachelor of Science degree in finance.
The California State Teachers’ Retirement System, with a portfolio valued at $114 billion, is the second-largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 833,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.