Chicago Teachers’ names new head of investments

The pension has turned to in-house talent to fill the CIO position left vacant by Carmen Hereida-Lopez's departure, tapping Angela Miller-May to manage its $10.9bn portfolio.

Angela Miller-May, who until recently served as portfolio manager of alternative investments, has been promoted to director of investments at the $10.9 billion Chicago Teachers’ Pension Fund (CTPF).

In her new role, Miller-May will manage the fund’s $10.9 billion portfolio, guide all aspects of CTPF’s investment strategy, manage an in-house team of five investment professionals as well as oversee the fund’s external investment managers, according to a statement.

She succeeds Carmen Hereida-Lopez, the fund’s chief investment officer (CIO), who left CTPF last November for a similar role with the WK Kellogg Foundation.

Asked about the discrepancy in job titles, CTPF responded through a spokesman: “The Chicago Teachers’ Pension Fund changed the ‘chief investment officer’ title to ‘director of investments’ to better reflect the fund’s organisational structure.”

The pension fund did not state whether someone will be succeeding Miller-May in her previous role. However, Andrew Kelsen, whom CTPF said it hired as a second portfolio manager of alternative investments last September due to the growth of its alternative portfolio, “will continue as the portfolio manager of alternative investments.”

Miller-May’s tenure at CTPF began in 2010 when she joined the organisation as an investment operation and risk management analyst, a role that allowed her to utilise her decade-long experience in banking and risk management to improve the fund’s investment processes and operations.

In the same statement, CTPF also announced the promotion of Tiffany Reeves to deputy executive director. In her new role, Reeves will lead the fund’s day-to-day operations and guide strategic planning initiatives. She will also continue to serve as CTPF’s chief legal officer, a role she assumed in August 2014.

“Ms Reeves and Ms Miller-May have been incredible assets to CTPF,” the fund’s executive director Charles Burbridge said. “Their expertise and guidance will continue to deliver great value to the fund and the teachers of Chicago who trust us with their retirement benefits.”

Established in 1895, CTPF provides retirement, survivor, and disability benefits for certain certified teachers and employees of Chicago public schools.