Top Pay Doesn't Guarantee Top Return at Texas Fund

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Dec. 13 (Bloomberg) -- Britt Harris, chief investment officer of the Teacher Retirement System of Texas, talked with Bloomberg's Mark Niquette about the fund's performance and employee compensation. In 2011, Harris earned $1 million in salary and bonuses and four of his staff members earned at least $500,000. Returns over three, five and 10 years trailed those at funds including the State University Retirement System of Illinois, and the New Jersey Division of Investment and retired teachers haven't had a raise in a decade. Harris says pay must be competitive with the private sector to attract top investment talent, and the fund is heading in the right direction with the system he put in place. Harris spoke on Oct. 19 in Austin, Texas. (Source: Bloomberg)

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