Texas Teachers, in Rare Move, Sets Up Shop in London

The Teacher Retirement System of Texas is setting up an office in London in a rare move by a U.S. pension fund to put boots on the ground overseas.

Vaughn Brock, the pension system’s director of special projects, will lead the London office, a spokeswoman said. The move comes as the roughly $130 billion pension investor seeks more visibility into European deal flow and looks to position itself to compete with an encroaching wave of sovereign wealth funds for the choicest opportunities.