Boeing Co., Chicago, selected Northern Trust Global Advisors and Progress Investment Management to run the $36 billion pension fund's manager of emerging managers program, confirmed Anne Eisele, Boeing spokeswoman. The $1 billion program was announced in June, but plan officials had not released names of the managers selected; information was unavailable on whether contracts with the firms have been signed, she said.
The program provides minority-owned, women-owned and small independent investment firms greater opportunity to manage Boeing's pension assets. Funding for the program will begin with a $300 million allocation before Sept. 30. Officials hadn't decided how the money will be divided between the two firms.