Sunday, March 22, 2009

Pension fund for CPS axes 2 managers

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.

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