Chicago Public School Teachers' Pension & Retirement Fund rehired Callan as investment consultant, said Angela Miller-May, chief investment officer.
The $12.5 billion pension fund issued an RFP in January due to the state statutory requirement that the services must be put up for bid every five years, Ms. Miller-May said at the time.
While Callan remains the pension fund's sole ongoing consultant providing general, private equity and real estate investment consulting services, the board voted Thursday to utilize other finalists Meketa Investment Group and Wilshire Associates on a project-by-project basis for private equity-related services as needed, Ms. Miller-May said.
The pension fund's board also approved terminating active domestic core fixed-income manager BMO Global Asset Management from its $250 million portfolio due to organizational changes, Ms. Miller-May said.
Of the total assets, $150 million will be reallocated to core fixed-income manager Ramirez Asset Management, which will be graduated from the manager-of-emerging-managers program overseen by Attucks Asset Management. As of March 31, Ramirez ran $19 million.
The remainder of BMO Global's assets will be distributed evenly among other core fixed-income managers Garcia Hamilton & Associates, Pugh Capital Management and Wellington Management, each of which had between $250 million and $260 million in assets as of March 31.
Callan assisted with the fixed-income changes.
As of March 31, the pension fund's actual allocation was 31.8% domestic equities, 30.5% global equity, 20.2% fixed income, 8.3% real estate, 5% private equity, 2.6% cash and 1.6% infrastructure.
