Chicago Policemen's Annuity & Benefit Fund put on hold an RFP for a global macro manager and an RFI for a real estate manager pending the completion of an asset allocation study, confirmed John J. Gallagher Jr., executive director of the $3.2 billion fund.
Mr. Gallagher said in a telephone interview that NEPC, the system's general investment consultant, is expected to complete the asset allocation study by Chicago's Jan. 24 investment committee meeting. NEPC also serves as the fund's real estate consultant.
NEPC was hired by the fund in June as part of a five-year review and replaced real estate consultant Courtland and general consultant Ennis Knupp.
Sam Kunz, the fund's chief investment officer, said in a telephone interview that the board will make a decision on whether to move forward with the RFP and RFI once the asset allocation study is completed.
The global macro search was released in April and had a target of 5% of the fund's assets. Mr. Kunz said the real estate RFI was originally due April 22 and aimed to get “a feel for what kind of (real estate) products were available at the time.”