Chicago Policemen's Annuity & Benefit Fund will conduct searches over the summer for global multisector and unconstrained multisector/absolute-return fixed-income managers.
The number of managers, size of the investment and funding sources remain to be determined, said Samuel Kunz, chief investment officer, in an e-mail. Trustees of the $3.1 billion pension fund approved the searches at their meeting on Thursday.
RFPs will be posted on the pension fund's website between July 1 and Aug. 2.
Separately, Mr. Kunz said of seven respondents to an RFP for global custody services, five will undergo additional due diligence and analysis by NEPC, the pension fund's investment consultant.
Bidders were allowed to bid for all or part of the custody services contract. Citigroup and Deustche Bank are the semifinalist bidders for securities lending services only. The incumbent, Northern Trust, as well as BNY Mellon and State Street Bank and Trust, presented bids inclusive of all services.
Trustees of the police pension fund likely will hear NEPC's reviews of the global custody and securities lending candidates at the June 27 board meeting, Mr. Kunz said in the e-mail.
