Municipal Employees' Annuity & Benefit Fund of Chicago hired LSV Asset Management and AllianceBernstein to run $65 million each in active international value equities, said Jim Mohler, senior investment manager for the $5.9 billion fund. The portfolios are new, part of an increase in the fund's overall international equity allocation.
Funding came mainly from reducing the fund's domestic equity investments; officials evenly trimmed the fund's core, value and growth mandates to fund the new hires. No managers were terminated.
Becker Burke Associates assisted.