The Chicago Public School Teachers' Pension and Retirement Fund is embracing a new facet in analyzing money managers' organizations — "the ideology of inclusion."
The $10.3 billion fund will monitor its money managers and other vendors for their employment practices and policies to evaluate whether they comply with the fund's goal of furthering employment and professional development for minorities and women. It plans to conduct the survey every year and build a database to evaluate the progress of its vendors in furthering the fund's employment goals, said Kevin Huber, chief financial officer and acting executive director.
The fund will start by sending notices to all of its vendors asking for data, going back to 2002, on their employment of minorities and women, and any initiatives they have to further opportunity for people in these groups. Mercer Investment Consulting Inc., Chicago, which is subject to the monitoring as well, is sending out the notices and assisting the fund in creating the database.
Mr. Huber said no specific level of staffing of minorities or women has been stipulated, but lack of progress could adversely affect the fund's relationship with a vendor. The fund's board will develop some criteria as it studies the data.