Chicago Policemen's Annuity & Benefit Fund will issue an RFP in the second half of April for a global macro manager to run 5% of assets, currently about $150 million, confirmed Sam Kunz, chief investment officer.
Staff at the $3 billion plan will work with the fund's consultant, Ennis Knupp, over the next few weeks to determine the parameters of the assignment, including whether to make a direct investment in global macro hedge funds or to invest through a hedge fund-of-funds manager.
Funding will come from reducing its $1 billion-plus domestic equity portfolio; there will be no terminations.
The RFP will be posted on the fund's website, http://www.chipabf.org, in the last two weeks of April, Mr. Kunz said.
Separately, trustees approved hiring J.P. Morgan Chase, Knight Transition Management, Russell Investments and State Street Bank as the fund's first transition managers, pending contract negotiations.