Chicago Municipal Employees’ Annuity & Benefit Fund hired Herndon Capital Management to run about $115 million in active domestic large-cap value equities, confirmed Jim Mohler, the plan’s chief investment officer.
The $5.3 billion plan issued an RFP in June following the May termination of the portfolio’s previous manager, Wellington Management, for performance. Wellington spokeswoman Sara Sherman declined comment.
Herndon had been in the fund’s emerging manager-of-managers program and was the only firm interviewed, Mr. Mohler said in a telephone interview. He called Herndon a good fit, especially considering the prior relationship with the fund.
Consultant Marquette Associates assisted.