Chicago Park Employees' Annuity & Benefit Fund hired Lombardia Capital Partners to run $15 million in international large-cap equity, said Dean Niedospial, executive director of the $424.5 million pension fund.
Mr. Niedospial said funding will probably come from an international index manager he didn't identify.
An RFP was issued earlier this year for a minority- or woman-owned emerging manager that managed international equities. Lombardia is a minority-owned firm.
The other finalists were Ativo Capital Management and Strategic Global Advisors.
The pension fund has a 16% target allocation to international equity.
Investment consultant Marquette Associates assisted.