Attucks Asset Management hired LM Capital Group to manage $11 million as part of a multistrategy manager-of-managers fund for the Chicago Public School Teachers' Pension & Retirement Fund.
LM will manage an emerging markets debt strategy. Funding will come from Fortaleza Asset Management, which managed $15.3 million in active U.S. large-cap growth equities for the teachers' fund, said Angela Miller-May, director of investments of the $10.2 billion teacher's fund.
It was terminated because its strategy no longer fit the portfolio, said Leslie F. Bond, Attucks CEO.
Attucks allocated the other $4.3 million to StoneRidge Investment Partners' existing active U.S. large-cap core equities portfolio, bringing its assets for the manager-of-managers fund to about $15 million.
Attucks has discretion to hire and terminate managers to seek “best-of-class managers” that qualify as emerging managers owned by minorities, women, people with disabilities or veterans, said Ms. Miller-May.
The Attucks managers-of-managers fund for the teachers pension fund has $172 million, said Mr. Bond.