Chicago Firemen's Annuity & Benefit Fund hired Aeltus Investment Management to run $20 million in active domestic large-cap growth equities, replacing American Express Asset Management, said Michael Moran, comptroller. American Express was terminated for performance, Mr. Moran said. Officials at American Express Asset did not return a call seeking comment by press time.
The $880 million pension plan's asset allocation is 75% equity and 25% fixed income. Mercer Investment Consulting advised.