The State of Wisconsin Investment Board (SWIB) has removed BlackRock from a $4.8 billion MSCI World ex-U.S. index fund, Pensions & Investments reports. The scheme has used the funds to set up its first internally managed international index fund. In-house staff will manage the assets against the same index. SWIB, which has made the move to cut costs, had been considering eliminating the BlackRock portfolio since April.

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