Chicago Teachers’ Pension Fund Chief Investment Officer Angela Miller-May Recognized By Institutional Investor
Miller-May named Change Maker of the Year at 3rd Annual Allocators’ Choice Awards & Masterclass


December 4, 2019 – CHICAGO – The Chicago Teachers’ Pension Fund (CTPF) Chief Investment Officer (CIO) Angela Miller-May has been recognized by Institutional Investor as Change Maker of the Year at the 3rd Annual Allocators’ Choice Awards & Masterclass on December 3, 2019, in New York City. Miller-May was one of four finalists.

“It is an honor to be recognized by industry colleagues for my work at CTPF,” stated CIO Angela Miller-May. “I appreciate the opportunity to work with the CTPF Board of Trustees and staff to achieve the goals of the Fund, and that includes pushing for increased investment of assets with minority-owned, women-owned, and persons with disability owned business enterprises. We know that industry-wide change happens slowly, but CTPF has set a standard for others to follow and has built a model that can be used nationwide to help create opportunity, foster diversity, and boost this type of investing.”

Miller-May manages the operations of the CTPF’s $11.0 billion investment portfolio. She reviews asset allocations, develops investment strategies, evaluates and recommends investment opportunities, and analyzes valuation and risk metrics. Miller-May has transitioned the portfolio by hiring top-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. Miller-May has increased investment of assets with minority-owned, women-owned and persons with disabilities-owned managers to 44 percent from 33 percent. In addition, 39 percent of brokerage commissions, amounting to $1.1 million, are paid to minority- and women-owned brokerage firms. Under Miller-May’s leadership — who in June testified at a congressional hearing on diversity in asset management — CTPF is now looking beyond its own portfolio and promoting stronger inclusion efforts across the asset management industry.

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, SEO’s Limited Partners Advisory Council and participates in several other organizations that work to encourage diversity and inclusion.

Prior to joining CTPF, Miller-May worked for over 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.

“We are proud of Angela’s many achievements and appreciate that her peers have recognized her vision and talent,” said Executive Director Charles A. Burbridge. “Angela consistently challenges the status quo and sets an example for others. CTPF has benefitted from her guidance as we moved the portfolio towards private markets, active managers, and women and minority investment professionals. This has resulted in a portfolio that meets return and risk objectives, while providing opportunities and inspiration locally and globally.”

Finalists were chosen based on nominations submitted over the summer and vetted by Institutional Investor’s editorial team. Peer voting occurred online, and was open to in-house investment staff members of pension funds, endowments, foundations, sovereign wealth funds, and family offices worldwide. 

According to their website, Institutional Investor is a leading international business to business publisher, focused primarily on international finance. It publishes premium journalism, newsletters and research. It also runs conferences, seminars and training courses and is a provider of electronic business information through its capital market databases and emerging markets information service.