Public School Teachers' Pension and Retirement Fund of Chicago selected Merrill Lynch Citation as its broker for a pilot commission recapture program, said Michael Nehf, deputy executive director of the $7 billion fund.
Merrill Lynch Citation will trade 15% of the total volume of transactions by the fund's domestic core equity managers and will rebate 62.5% of the commissions to the fund, said Mr. Nehf.
The pilot program will be evaluated in six months.
