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The departure of Eric McKissack, vice chairman, and mid-cap value portfolio manager at Ariel Capital Management has caused concern for at least two of the manager's clients.
The New York City Retirement Systems-which includes the New York City Board of Education Retirement, the New York City Employees Retire ment, the New York City Fire Pension, the New York City Police Pension and the New York City Teachers' Retirement Systems- may consider placing the manager on watch for its various mid-cap value accounts. The Illinois State Teachers' Retirement System has also placed the manager on watch on its $226 million small-cap value account.
McKissack, who had been with the firm for approximately 16 years, left at the end...