The Teacher Retirement System of Texas (TRS) has secured office space in London to opens its first international office.
The $132 billion pension will open the office in November, with two staff members transferring from its head office in Austin, Texas and a third European recruit to be announced. Vaughn Brock, former director of special projects for TRS’ investment management division, will be in charge of operations in London.
The new location—in the middle of London’s prestigious Mayfair district—will strengthen the pension’s ability to source co-investments in areas such as private equity, TRS said in a statement announcing the move.
Brian Guthrie, executive director at TRS, said the satellite office would enable the pension to be “closer to where the action is,” as well as reducing travel time and expenses.
“Even though our London presence will be small, we’ll be ready to hit the ground running to identify new investment opportunities in real time,” Guthrie added.
TRS identified the importance of a presence in the UK capital during a “strategic initiative” undertaken by the pension’s deputy CIO Jerry Albright. The cost of opening and running the office “will be minimal,” the pension said, due to the small staff.
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