Cook County Annuity & Benefit Fund's board on Thursday hired Ariel Investments and Lombardia Capital Partners to manage $50 million and $25 million, respectively, in active international equities.
The two firms were hired in the $8.2 billion pension fund's emerging managers program.
Funding came from passive international equities. No managers were terminated, said spokeswoman Rachel Farris.
The hirings were part of the Chicago-based pension fund's two-year restructuring of its international equity allocation, which was at 22% of total assets as of Sept. 30.
Previous action by the board on hiring international equity emerging managers was put on hold in May so investment staff “had more time to consider a broader group of managers,” said Nickol Hackett, executive director and chief investment officer.
The pension fund board also added $25 million to an active domestic smidcap value equity portfolio managed by Channing Capital Management, increasing it to $73 million.
Callan Associates, the pension fund's consultant, assisted.