Chicago Transit Authority Employees Retirement Plan terminated Invesco as an active domestic large-cap core equity manager, said recently released draft board meeting minutes.
The termination follows investment consultant Marquette Associates' recommendation to move to passive management for domestic large-cap equity, according to the minutes.
The $1.9 billion pension fund had $92 million invested in the Invesco strategy as of March 31.
The assets will be transferred to an existing S&P 500 index fund managed by Northern Trust Asset Management.
John Kallianis, the pension fund's executive director, did not return a telephone call seeking further information by press time.