CHAMPAIGN, Ill. - The State Universities Retirement System of Illinois will review managers Chicago Capital and Progress in light of announcements involving the future of both firms.
John R. Krimmel, chief investment officer for the $12.2 billion fund, was optimistic about ABN AMRO's acquisition of Chicago Capital parent Alleghany Asset Management. Chicago Capital manages $167 million in fixed income for the system. Portfolio managers "have long-term financial agreements from the last time they changed ownership," Mr. Krimmel said, when Allegheny acquired Chicago Title & Trust's asset management business. "These will survive." Also, he said that in other acquisitions ABN has allowed portfolio managers to retain autonomy. "We hope that pattern will continue," he said.
Progress parent Liberty Financial is up for sale. Progress manages $149 million in equities in a minority- and women-owned managers program, and $5 million in private equity. Mr. Krimmel said it's too early to tell the impact since the sale is still up in the air.
