The approximately $2.6 billion Chicago Policemen's Annuity & Benefit Fund has given Zurich Investment Management an additional $62 million and Brinson Partners about $30 million, both to invest in fixed income, said James B. Waters Jr., executive director. Funding came from terminating Duff & Phelps Investment Management, which had run about $68 million in fixed income for the fund, and from reducing, slightly, allocations to some U.S. equity managers.
Zurich and Brinson each manages about $140 million for the fund. A portion of the new allocation may be invested in high-yield and international bonds; previous allocations to the two managers were for traditional fixed-income investments.