Chicago Teachers’ Pension Fund Chief Investment Officer Angela Miller-May Recognized by Crain’s Chicago Business
Miller-May included as part of Crain's 2019 Notable Women in Finance


The Chicago Teachers’ Pension Fund (CTPF) Chief Investment Officer (CIO) Angela Miller-May has been recognized by Crain’s Chicago Business among 30 women selected to be part of Crain’s 2019 Notable Women in Finance.

According to Crain’s Chicago Business, “Finance has been one of the toughest fields for women in terms of reaching senior leadership positions. The logjam has been attributed to brutal hours, workplace bias and the absence of role models. Recent research by Catalyst shows that globally, women held only 12.2 percent of CFO roles in 2018. In the world of alternative investments-hedge funds, private equity and venture capital, and private real estate funds-only 13 percent of CEOs were women.”

“It is an honor be recognized for my work at CTPF and among this distinguished group of women,” stated CIO Angela Miller-May. “I am proud to bring my determination and financial sense to help CTPF achieve its goals. It is an honor to serve as a trusted advisor to the Board of Trustees and staff and as a mentor and role model for the next generation of minority women in leadership.”

Miller-May manages the operations of the Fund’s investment portfolio. She reviews asset allocations, develops investment strategies, evaluates and recommends investment opportunities, and analyzes valuation and risk metrics. Under her leadership, Miller-May has transitioned the portfolio by hiring top-decile-­performing managers. She has invested in defensive sectors such as real estate debt and investments that promise enhanced returns and growth such as emerging markets. During her tenure, Miller-May has increased investment of assets with minority-, women- and persons with disabilities-owned managers to 44 percent from 33 percent.

Miller-May has acted in several positions at CTPF including Director of Investments, Portfolio Manager-Alternative Investments, and Investment Operations Analyst-Risk Management. She serves on the NASP (National Association of Securities Professionals) Africa Advisory Board, NCPERS (National Conference on Public Employee Retirement Systems) CIO Advisory Board, Saint Ignatius College Prep Investment Committee, and participates in several other organizations that work to encourage Diversity and Inclusion.

Prior to joining CTPF, Miller-May worked for more than 13 years in the banking industry, managing check operations for Fiserv, Inc., and the Northern Trust Company. Miller-May earned her M.B.A in Accounting from DePaul University and her B.A. in Economics from Northwestern University.

“Angela is the right person to be recognized by Crain’s. She has envisioned and realized an investment team and operating environment that is case-study ready for its results and its disciplined practices. She leads by example as she works with her team, the managers, and consultants to dig deeper into the issues and examine their practices to identify the better answer, not the easy answer,” said Jeffery Blackwell, President of the CTPF Board of Trustees. “Her guidance in tilting the portfolio toward private markets, active managers, and women and minority investment professionals has resulted in a portfolio that meets return and risk objectives while providing opportunities and inspiration locally and globally.”

Crain’s Chicago Business 2019 Notable Women in Finance honorees did not pay to be included. Their profiles were drawn from the nomination materials submitted. The award includes only executives for whom nominations were submitted and accepted after a review by editors. To qualify for the list, an honoree must be employed at an investment bank, institutional money manager, exchange, trading firm, institutional asset owner or corporate finance department.