Chicago Laborers’ Annuity & Benefit Fund committed $10 million to the ASB Allegiance Real Estate Fund, a core real estate fund managed by ASB Capital Management, according to recently released minutes of the $1.4 billion pension fund’s May 14 board meeting.
An RFP was issued in August. Heitman America Real Estate Trust and J.P. Morgan Strategic Property Fund were the other finalists.
Separately, the board terminated Northern Trust, which ran about $108 million in its S&P 500 Special Purpose Index Fund. No reason for the termination was provided in the minutes. The money was placed in a separately managed Sudan Free S&P 500 index fund run by existing manager RhumbLine Advisers. RhumbLine also manages about $58 million in a Russell 1000 Growth index fund.
The pension fund also placed Zacks Investment Management on watch for a $34 million domestic equity portfolio. No reason was provided.
Also, Chicago Laborers plans on issuing an RFP for two emerging markets debt managers later this year, according to the minutes. No additional information was available.
James Capasso Jr., executive director, did not return a telephone call for additional information by press time.