Public School Teachers' Pension & Retirement Fund of Chicago hired two emerging managers to invest $20 million each.
Hired were Woodford Gayed Management as a large-cap growth manager and MDL Capital as a domestic bond manager. The hires are subject to contract and fee negotiations. The money is coming from cash.
The $8.5 billion fund interviewed 10 firms. It may look to hire more emerging managers after reviewing two or three quarters of the new managers' performance, said Mike Nehf, executive director. Mercer assisted.
Charlotte (N.C.) Firefighters Retirement System hired Boston Partners as midcap value equity manager for an $18.8 million portfolio after recently selected WEDGE Capital withdrew from contract negotiations. Barbara Avard, administrator of $196 million fund, would not say why the firm withdrew.
Boston Partners will run a third of the $56 million portfolio formerly managed by First Union in large-cap and midcap stocks. First Union will continue to run the rest of the portfolio in large-cap value stocks. Callan assisted. WEDGE officials did not return calls. Gaylord Container Corp., Deerfield, Ill., added the Vanguard PRIMECAP Fund and Vanguard Windsor II Fund to its $70 million 401(k) plan.
The plan now has 10 investment options provided through alliances with Principal Mutual. Hewitt helped pick the funds.