Chicago Park Employees' Annuity & Benefit Fund's board approved new investment guidelines using the prudent person rule, with an asset allocation study and subsequent searches to follow, said Joseph Fratto, executive director for the $630 million fund.
The change was spurred by a state law passed last year that gives the Chicago Park fund the prudent person rule as an investment guideline.
The board will meet in the coming weeks to decide on the timing of the asset allocation study, after which it will conduct searches for managers to fill in any holes, Mr. Fratto said.
