Chicago Municipal Employees' Annuity & Benefit Fund hired Kayne Anderson Rudnick Investment Management and Nuveen to run about $50 million each in active domestic small-cap value equities, said Steve Yoon, investment analyst, in an email.
The $4.3 billion pension fund issued an RFP in October in an effort to explore the marketplace, Mr. Yoon had said at the time. Keeley Asset Management, currently the sole manager of the $100 million portfolio, did rebid for the services.
Other finalists were Channing Capital Management and Northern Trust Asset Management.
As of Jan. 31, the pension fund's actual allocation to domestic equities was 27.1%; the target is 26%.
Investment consultant Marquette Associates assisted.