California State Teachers’ Retirement System (CalSTRS) is looking to hire a hedge fund consultant, Business Wire reports. The new appointee will assist the system in selecting, monitoring and assessing a global macro strategy for its new absolute return asset class.

The plan will accept proposals until April 29, 2010 and the search process is expected to close by early summer. CalSTRS staff will work along with the consultant to choose three to six hedge fund managers, who will invest $200 million in global macro strategies. The strategy will have an incubation period of three years, after which the fund’s board will determine whether to expand or end the strategy.

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