Chicago Public School Teachers' Pension & Retirement Fund deferred a decision on terminating LaSalle Investment Management, which runs $127 million in real estate securities, and hiring Urdang Investment Management to run the money in the same style. Trustees at the $8.8 billion system voted unanimously for deferral and did not set a date for a decision.
Urdang and AEW Capital Management were both recommended by Townsend, the fund's real estate consultant. Trustees want to give LaSalle more time to see if performance will continue to improve. It has managed the portfolio since 1997.
Keith R. Pauley, managing director and CIO at LaSalle, told trustees on Thursday that although the portfolio underperformed its real estate investment trust benchmark in 2001 and 2002, this year's performance has been superior.