Chicago Policemen’s Annuity & Benefit Fund hired Pacific Investment Management Co. and Grantham Mayo Van Otterloo to manage a combined GTAA mandate totaling between $250 million and $300 million, confirmed Samuel Kunz, the fund’s chief investment officer, by e-mail.
The investment committee of the fund approved the hires at a meeting on Aug. 22.
Mr. Kunz said details of the two hires are still being worked out, including how large an allocation each manager will receive. The funding source likely will be “equities in general and U.S. equity in particular,” wrote Mr. Kunz in his e-mail.
The GTAA manager hires are the first following the adoption of a new asset mix in January.