Chicago Transit Authority Employees Retirement System will search for managers for a new stable value allocation and an additional private equity allocation as part of an overhaul of investment policy, said John Kallianis, executive director. The $1.9 billion systems investment committee will move quickly to find managers, he said, although a timetable has not been set.
The system also will reduce its fixed-income allocation to 10% from 15% and drop its 1.5% international bond allocation. Mr. Kallianis declined to name the sole international bond manager. It will decrease international equities to 5% from 8% of total assets.
The system doubled its real estate allocation to 10% of assets and hired Prudential, RREEF and J.P. Morgan to run $22.2 million each in core real estate. The source of funding has not been identified.