Chicago Laborers' Annuity & Benefit Fund delayed interviewing finalists in its search for an emerging manager of managers to run $100 million.
The board of the $1.4 billion pension fund at a meeting Tuesday took no action on whether to interview the eight managers that bid for the portfolio, choosing instead to issue an addendum to its RFP asking the firms for their global equity performance on the recommendation of investment consultant NEPC.
The original RFP, issued Jan. 6, had sought only long-only equity managers of managers, and only some of the responding managers gave broad ranges of strategy capabilities.
“I'm uncomfortable interviewing managers without more information,” said Chicago Treasurer Stephanie Neely, LABF board chairwoman.
Firms that responded to the RFP were Attucks Asset Management, Bivium Capital Partners, Capital Prospects, FIS Group, Leading Edge Investment Advisors, Legato Capital Management, Progress Investment Management and Rock Creek Group.
The board will decide at its next meeting, scheduled for April 15, when and what managers to interview.
Separately, Pacific Investment Management Co. was put on watch for a $54 million global tactical asset allocation portfolio because of the departure of Mohamed El-Erian, former CEO and co-chief investment officer, earlier this year.