Chicago Laborers' Annuity & Benefit Fund terminated Russell Investments as manager of a real estate fund of funds, according to recently released minutes of the $1.3 billion pension fund's March 20 board meeting.
The reason for the termination was not specified.
Russell ran a multimanager fund of funds in private core and enhanced real estate with an initial $5 million commitment in 1985, according to documents on the pension fund's website. The current value of the portfolio could not be determined.
James Capasso Jr., the pension fund's executive director, did not return a telephone call by press time for additional information.
The board also named ASB Allegiance Real Estate Fund, Heitman America Real Estate Trust and J.P. Morgan Strategic Property Fund as finalists for a core real estate investment.
The pension fund issued an RFP in August.
Separately, the board approved removing Baring Asset Management from its watchlist. Baring manages about $35 million in an international growth equity portfolio.
