Chicago Public School Teachers’ Pension & Retirement Fund trustees voted to extend the $10.6 billion fund’s directed and minority- and women-owned brokerage policy to its international equity managers in developed markets. The policy requires that 25% of such brokerage transactions be directed to commission recapture and that an additional 10% go to minority- and women-owned brokerages.
The policy will involve the fund’s international developed-market equity managers — Morgan Stanley, Lazard and Zurich Scudder — which together manage 10.2%, or just more than $1 billion, of the total fund in international developed-market equities.
