The Board of Trustees (the “Board”) of the Chicago Transit Authority Retiree Healthcare Trust (“the Trust”) has adopted a Brokerage Policy with the overall goal of requiring that its investment managers achieve best execution in their trading of Plan assets.
The Board recognizes a commitment to the success of minority-owned, women-owned and disabled-owned businesses1, and to promoting opportunities for those businesses in the City of Chicago and the State of Illinois.
To meet that commitment, the Board has adopted a Directed Brokerage Program. The goal of this program is to have investment managers achieve best execution, while utilizing minority-owned, women-owned and disabled-owned brokerage firms.
The policy of the Plan with regard to its Directed Brokerage Program is as follows:
Subject to best execution, and where funds are not commingled, all Large-Capitalization Domestic Equity managers, Mid-Capitalization Domestic Equity Managers, Small-Capitalization Domestic Equity managers and International Equity managers shall participate in the Trust’s Directed Brokerage Program. Step-outs are not prohibited within the brokerage policy, but managers are encouraged to use minority-owned, women-owned and disabled-owned brokers for execution.