US- California’s $150bn public employees’ retirement system has reappointed State Street Global Advisors to manage the fund’s $17.6bn (e20bn) international equity index fund.

SSgA was chosen from a shortlist of five candidates who responded to a search initiated by CalPERS last October. SSgA has run the mandate, which tracks a customised FTSE index, for the past thirteen years.

Said William Christ, president of CalPERS board of administration: ‘the firm and its team of investment professionals have demonstrated their ability to be innovative and flexible as our fund has evolved and grown over the years.”