The Chicago Public School Teachers' Pension & Retirement Fund hired Lynmar Capital Group to manage $50 million in active domestic large-cap growth equities, said Kevin Huber, executive director of the $11 billion fund. Funding will come from reducing a $335 million portfolio run in the same style by Fidelity Investments, Mr. Huber said. Mercer Investment Consulting assisted.
As a result of the hiring, Lynmar will be dropped from the manager-of-emerging-managers programs run for the plan by Northern Trust Global Advisors and Progress Investment Management. Lynmar manages $25 million for the $124 million Northern Trust program and $15 million for the $123 million Progress program. The two firms will search separately for a replacement, Mr. Huber said.
Larry Jones, NTGA executive vice president and practice leader of the emerging and minority manager programs, declined to comment about the teachers' fund but said in general the practice of NTGA is to search for a replacement and possibly rebalance the portfolio's existing lineup, depending on correlations and other factors. "It isn't necessarily a single decision to replace a manager, dollar for dollar," Mr. Jones said. He added that managers are always welcome to contact NTGA for inclusion.
Laura Nickols, Progress vice president, confirmed the search but declined to provide details.
