Cook County Annuity & Benefit Fund’s board on May 2 suspended its search for an international equity emerging manager, said spokeswoman Rachel Farris.
“The board simply decided to suspend the search,” Ms. Farris said. “They may revisit it in the future as part of their ongoing consideration of the investment portfolio, though no specific timetable has been set.”
Because the search was suspended, the board of the $8 billion pension fund took no action on an April 23 recommendation by its investment committee to hire emerging manager Herndon Capital Management to run up to $30 million in active international equities, Ms. Farris said.
The hiring would have been the last part of the Chicago-based pension fund’s two-year restructuring of its international equity allocation. The pension fund had a 20% allocation to international equities as of Sept. 30, according to Pensions & Investments data.
Herndon Capital already manages $60 million in active large-cap domestic value equities for the pension fund.