Chicago Policemen’s Annuity and Benefit Fund today authorized CIO Sam Kunz and consultant Ennis Knupp to contact current fixed-income managers about running an opportunistic credit strategy investing in Term Asset-Backed Securities Loan Facility.
Trustees of the $2.7 billion fund at an investment committee meeting today heard an educational presentation about TALF from Ennis Knupp. Rather than conduct a search because the window of investment opportunity is short, staff and Ennis Knupp were directed to evaluate the capability of fixed-income managers to offer a TALF investment separate account.
The TALF investment would be an expansion of the mandate of the existing manager’s assignment. The size of the investment was not set, nor was exact timing of a potential assignment.
The fund’s fixed-income managers as of Sept. 30 were Dearborn Partners, LM Capital Group, Northern Trust Global Investments, Taplin Canida, Wellington Management and Wells Capital Management, according to the 2009 Money Market Directory.
