Chicago Public School Teachers' Pensions and Retirement Fund hired...

Chicago Public School Teachers' Pensions and Retirement Fund hired Western Asset to run a core opportunistic fixed-income portfolio of about $530 million, pending contract negotiations, said Mary Sharon Reilly, president of the $9.8 billion fund. Western Asset replaces Banc of America Capital, which managed $103 million; Morgan Stanley Investment, $336 million; and Wellington, $340 million. Each of the terminated incumbents, which managed the same style, was invited to rebid. A $63 million core opportunistic bond portfolio managed by Smith Graham was retained. The approximately $250 million left over from the three terminated portfolios will be split among the fund's other fixed-income managers. Mercer Investment Counseling assisted.