Municipal Employees' Annuity and Benefit Fund of Chicago hired active international growth equity managers Walter Scott and MacKay Shields to run $60 million and $50 million, respectively, said Terrance R. Stefanski, executive director. The firms replace Oechsle and Nicholas-Applegate, which ran $30 million and $20 million, respectively, in active international growth equities and were terminated for performance. Sue Hunter, Nicholas-Applegate spokeswoman, could not comment on the matter by press time. Joe Stowell, Oechsle spokeswoman, did not return a call by press time seeking comment.
Trustees for the $6 billion fund also added $30 million to an active international core equity portfolio run by MFS Investment Management, increasing it to $66 million.
Additional funding for the growth and core portfolios will come from reducing fixed income; no other terminations are expected. Consultant Becker Burke assisted.