The US-based $22bn (€23.4bn) Texas Permanent School Fund has appointed Callan Associates to advise it on investment strategy and the review of its 11 external managers.

One third of the Austin-based fund's assets are split between 11 investment houses, with the rest run internally. While the fund does not plan to outsource more than the existing $7.3bn, it is considering either reorganising the portfolios between existing managers or appointing new investment managers.