Chicago Park District Employees Annuity & Benefit Fund is reducing its passive equity exposure to about 45% from about 53%, said Joe Fratto, executive director of the $560 million defined benefit plan. Fund officials plan to add an active domestic midcap to large-cap growth equity portfolio, with funding coming from reducing a $100 million S&P 500 index fund managed by Northern Trust Global Investors. The move will help put the fund in a more neutral position; it is weighted a little more heavily toward value equity at this time, he said.
Ennis Knupp + Associates assisting. The park district board will likely review the firm's recommendation for the large-cap equity hire in mid-August, Mr. Fratto said.