Tag: Chicago Teachers Pension Fund

Chicago Teachers’ Pension Embraces Manger Diversity As One-Third of Assets With Minority Firms

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The Chicago Teachers’ Pension Fund (CTPF) released data on Tuesday revealing the fund’s sizeable investments with MWDBE (Minority, Women and Disadvantaged Business Enterprise) investment firms.

The fund has invested $3.6 billion, or 33.4 percent of its total assets, with such firms.

More from a CTPF release:

As part of two fiscal year-end reports, the Chicago Teachers’ Pension Fund (CTPF) today announced that it invested more than $3.6 billion in assets or approximately one-third of total fund assets with Minority, Women and Disadvantaged Business Enterprise (MWDBE) firms, a 2 percent increase over fiscal year 2013 investments. The fund’s work was highlighted during October testimony at an Illinois Senate Committee hearing on Pensions and Investments and in a December report provided to the Illinois Governor’s office.

[…]

A breakdown of assets by status as of June 30, 2014, includes $1.44 billion managed by women-owned firms; $1.29 billion managed by African American-owned firms; $823.7 million managed by Latino-owned firms; $54.2 million managed by Asian American-owned firms; and $10.8 million managed by Persons with a Disability-owned firms.

Over the past twenty years, CTPF has seen dramatic growth in MWDBE investments. The fund invested 6% of assets in MWDBE-owned funds in 1993. Today the total investment has grown to 33.4%.

[…]

The recently submitted reports are required by a 2009 Illinois law, PA 96-006, encouraging the trustees of public pension funds to use emerging investment managers in managing their system’s assets. The law also encourages funds to take affirmative steps to remove any barriers to the full participation of emerging investment managers in investment opportunities.

The CTPF manages $10.9 billion in assets.

 

Photo by bitsorf via Flickr CC License

Chicago Teachers Pension CIO Takes Job at Kellogg Foundation

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There has been a big shakeup at the top of the Chicago Teachers Pension Fund over the last two weeks.

First, the fund announced that its executive director would be resigning.

Now, the fund’s chief investment officer says she will be leaving for another job as director of investments for the W.K. Kellogg Foundation.

From Chief Investment Officer magazine:

Carmen Heredia-Lopez, current CIO of Chicago Teachers Pension Fund, has been tapped to lead the W.K. Kellogg Foundation’s $8.3 billion portfolio.

According to the foundation, Heredia-Lopez will begin her post on December 1, 2014. As director of investments, she will report to Vice President and CIO Joel Wittenberg.

At the Battle Creek, Michigan-based philanthropy, she will be responsible for “driving further development of the foundation’s mission-driven investment strategy and managing emerging diversity-owned firm work and diversified assets,” the foundation said.

[…]

Heredia-Lopez has been at the helm of the $10.8 billion Chicago Teachers Pension Fund since January of 2013. Prior to taking over the CIO position, she served as the fund’s director of investments for two-and-a-half years.

She also worked as an investment analyst at the Illinois Municipal Retirement Fund for more than four years after spending a decade in asset management and investment banking.

The fund’s executive director, Kevin B. Huber, has resigned and his last day at the fund will be December 31.

A search for a new chief investment officer may not start until a new permanent executive director is found.