Chicago Municipal Employees' Annuity & Benefit Fund is searching for one or two active domestic small-cap value equity managers to run a total of $100 million, said Steve Yoon, investment analyst.
The $4.3 billion pension fund will issue an RFP on Friday in order to "explore the marketplace," Mr. Yoon said. Current manager Keeley Asset Management, which runs about $80 million, is invited to rebid. The remainder of the assets will likely come from cash, he added.
Proposals will be due at 3 p.m. CST on Nov. 30, with a decision expected in the first quarter of 2018.
The RFP will be posted on the pension fund's website on Friday.