Chicago Public School Teachers Pension & Retirement Fund terminated Schroder Investment Management, which ran $51 million in active emerging markets equities, said Michael J. Nehf, executive director. The $9.8 billion pension plan moved the money to an existing active international core equity portfolio run by Lazard Asset Management, increasing it to $199 million.
The plan also shifted $60 million run by the former Zurich Scudder, now Deutsche Asset, in active emerging markets equities to an active international core equity portfolio also managed by Deutsche, he said. That portfolio now will have $315 million.
Plan officials wanted to add value through active allocations and lower management fees, and to reduce the number of managers handling the assets, said Mr. Nehf.
The funds asset allocation is 34.5% domestic large-cap equity, 4% domestic midcap equity, 10% small-cap equity, 12.5% international equity, 28% fixed income, 2% private equity, 2% public REITs, 5% real estate and 2% cash. Mercer Investment Consulting advised.