The California State Teachers' Retirement System (CalSTRS) is looking at appointing China-focused equity managers for the first time ever, as demand for asset diversification grows amid worries on inflation and recession.
CalSTRS had roughly $3.7 billion worth of investments in Chinese equities at the end of June through both internally and externally managed strategies, the No.2 U.S. pension fund said in a statement to Reuters.
CalSTRS' plan comes as asset allocation to Chinese equities by deep-pocketed U.S. institutional investors has been stagnant overall for the past few years due to rising geopolitical tensions. Recent moves by some big investors, however, suggest that they are seeking asset and geographical diversification as the western world grapples with tighter Federal Reserve policy and an energy crisis in Europe, according to industry insiders.
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