Chicago Policemen's Annuity & Benefit Fund is searching for global multisector and global unconstrained multisector/absolute-return fixed-income managers.
The RFPs were posted on the $3.1 billion pension fund's website on Monday.
For the global multisector fixed-income allocation, the pension fund's investment staff and investment consultant NEPC are searching for managers that can “provide exposure across the entire spectrum of global fixed-income markets, including but not limited to global government bonds, global credit and global currencies,” according to the RFP.
The benchmark for the global multisector strategy will be the Barclays Global Aggregate Bond index or the Barclays Global Multiverse index.
Managers responding to the RFP for global unconstrained multisector/absolute-return fixed-income should have the “ability to actively manage the duration and interest-rate exposure of the strategy while also tactically adjusting the credit allocation,” according to the RFP. The strategy's benchmark will be the three-month LIBOR return plus 2.5 basis points.
The number of managers, size of the investments and funding sources remain to be determined, said Samuel Kunz, chief investment officer, in an e-mail.
Manager responses are due Aug. 5. The RFPs are available on the fund's website.