Cook County Annuity & Benefit Fund, Chicago, issued an RFP for a global fixed-income manager to run from $150 million to $200 million, according to a posting on the $8.2 billion pension fund's website.
It's the first global fixed-income allocation for the pension fund, said spokeswoman Rachel Farris.
Potential managers should have at least $1 billion in AUM in the asset class, according to the RFP.
Funding will come from the defined benefit fund's core fixed-income and TIPS portfolios; no managers will be terminated, Ms. Farris said.
The pension fund has a 32% target allocation to fixed income, which will include the global bond portfolio. “With this search, we seek to broaden the opportunity set for fixed-income assets within the portfolio structure,” Ms. Farris said.
The RFP is available on the pension fund's website. Proposals are due at 3 p.m. CDT July 22. A selection is expected in the fourth quarter, Ms. Farris said.
Callan Associates, the pension fund's investment consultant, is assisting.