At their September 19, 2024, meeting, the Chicago Teachers’ Pension Fund (CTPF) Board of Trustees voted to terminate Western Asset Management Company’s (WAMCO) Core Plus fixed income mandate. The $568.5 million in assets will be temporarily transferred to State Street Global Advisors’ passive core fixed income account while a search is conducted for a new active manager. The timing of the search is to be determined.  

WAMCO, which has managed the portfolio since 2003, was placed on CTPF’s Watch List in June 2024 following a portfolio manager's departure. In August 2024, WAMCO came under investigation by the SEC and the Department of Justice, prompting co-CIO Ken Leech to take a leave of absence. 

CTPF’s Investment Committee recommended the termination of the mandate at their August 27, 2024, meeting.