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Chicago Park Employees drops Lombardia for international equity

The "Cloud Gate" sculpture in Chicago's Millenniun

Chicago Park Employees' Annuity & Benefit Fund terminated international large-cap value equity manager Lombardia Capital Partners, recently released board meeting minutes show.

The reason for Lombardia's termination was not disclosed.

Assets will be transferred to existing passive international equity manager Northern Trust Asset Management.

As of Dec. 31, the pension fund had $18.8 million invested in the Lombardia strategy and $29.1 million invested with Northern Trust.

Dean Niedospial, executive director of the $383 million pension fund, could not be reached for additional information by press time.