Chicago Policemen's Annuity & Benefit Fund named five finalists for a $90 million allocation to active U.S. small-cap to midcap value equities that will be awarded to a single manager, said Sam Kunz, chief investment officer.
The finalists are Ariel Investments, Diamond Hill Capital Management, Fisher Investments, Integrity Asset Management and Lombardia Capital Partners.
A selection will be made by the trustees at an Aug. 30 board meeting. The smidcap value equity hire will complete the restructuring of the $3 billion fund's equity portfolio, a process that began early in 2011.
Funding for the new manager will come from rebalancing within the equity portfolio, Mr. Kunz said in an e-mailed response to questions.
