The pension fund for Chicago Public Schools teachers terminated two Chicago-based investment managers for underperformance.
Ariel Investments LLC and Chicago Equity Partners LLC were axed by the Public School Teachers’ Pension and Retirement Fund of Chicago at a board meeting Thursday, according to Kevin Huber, the fund’s executive director.
The timing of the decision was a surprise to the firms.
The two managers, which handled nearly $200 million of the fund’s $9 billion in assets, had been put on notice after three-year returns lagged market indexes. They were scheduled to meet with the fund’s trustees in May to argue their case for retention.
Dispatches from Chicago's south side.
Sunday, March 22, 2009
Pension fund for CPS axes 2 managers
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