Chicago Metropolitan Water Reclamation District Retirement Fund hired Marquette Associates as investment consultant, said Susan Boutin, executive director.
The hiring decision was made at Wednesday'sboard meeting.
The $1.3 billion pension fund issued an RFP in December because of board concerns over disclosures about incumbent Gray & Co. and its founder, Laurence Gray.
The concerns stemmed from an SEC complaint filed in January 2013 by a trustee of the $1.2 billion Atlanta General Employees Pension Fund. The trustee alleged that Gray & Co. did not adequately reveal to the Atlanta pension fund's board that it was the manager of a private equity fund called GrayCo Alternative Partners II. The Chicago water board also expressed concern over revelations of federal tax liens filed against Mr. Gray's residence.
Gray & Co. rebid for the services. The other finalists were Callan Associates, NEPC and R.V. Kuhns & Associates.