Illinois Teachers Retirement System, Springfield, hired Ariel Capital Management and NorthPointe Capital to each manage $112.5 million in active domestic small-cap value equities. Funding comes from the May termination of a $225 million active domestic small-cap value mandate managed by Lazard.
Separately, the $23 billion system postponed hiring a real estate consultant until its October meeting. System trustees also accepted a staff recommendation to put Dresdner RCM on watch until July 2002 because of personnel turnover and concerns over its acquisition by Allianz. Dresdner RCM manages $688 million in international equities for the system. Trustees also asked staff to conduct a comprehensive review of Lincoln Capital Management, which manages $560 million in active domestic large-cap growth equities, because of performance and organizational concerns.