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New York State Teachers initiates search for CMBS manager
New York State Teachers initiates search for CMBS manager
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The New York State Teachers Retirement System, Albany, is conducting a request for information to identify one or more qualified firms to manage a commercial mortgage-backed securities separate account, a spokeswoman for the $134.8 billion pension fund confirmed. This RFI is to canvass the market for CMBS managers, Heidi Brennan, a pension spokeswoman, said in an email. New managers may or may not be added.
Incumbent CMBS managers are BlackRock, Prima Capital Advisors and Raith Capital Partners, she said.
There is no target allocation for CMBS, but the current portfolio was valued at about $1.5 billion as of February, she said. CMBS managers operate on one-year annual contracts.
As CEO pay climbs, so does shareholder opposition – report
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CEO pay continued to increase in 2021, but so did shareholder opposition to excessive compensation, according to a report issued Thursday by As You Sow.
The seventh annual 100 Most Overpaid CEOs report from the investor advocacy group focuses on how shareholders hold companies accountable for excessive compensation, with more companies receiving less support for CEO pay packages. Shares held by U.S. public pension funds and European financial managers have made their opposition to excessive U.S. CEO pay clear, said the report, citing data from Insightia that showed financial managers controlling more than $2 trillion increased opposition to CEO pay by more than 10%.
New York State Teachers announces consultant, manager renewals
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The one-year renewal was approved Jan. 28 by the $134.8 billion pension fund s governing board, which also approved a one-year renewal for Callan to serve as real estate consultant, overseeing about $19.8 billion of the pension fund s assets.
In addition, the board approved a one-year renewal with Raith Capital Partners to serve as a real estate debt separate account adviser for $59.2 million in assets.
The board also approved 10 one-year contract renewals with investment managers. The renewals are:
Cohen & Steers Capital Management, to manage $1.95 billion in real estate investment trusts and real estate operating companies.