Chicago Metropolitan Water Reclamation District Retirement Fund will search for a minority-owned emerging manager to run about $16.5 million in active domestic large-cap value equity, said Susan Boutin, executive director.
The search is to replace Graham & Dodd Fund, which previously managed the assets and was terminated on Wednesday for violating the pension fund's investment policy constraints, Ms. Boutin said in a telephone interview. The assets Graham & Dodd managed for the $1.2 billion pension fund exceeded the 15% maximum of total firm assets under management.
The assets will be parked in a State Street Global Advisors index fund.
A hiring decision could be made in November.