Chicago Policemen's Annuity & Benefit Fund hired three hedge funds-of-funds managers at a board meeting May 29.
The new managers are Permal Group, Pluscios Management and KKR Prisma, said James P. Maloney, chairman of the $2.9 billion pension fund's investment committee who also is serving as interim chief investment officer, in an e-mail. Mr. Maloney said the size of each manager's allocation will be set at the board's June 25 meeting.
An RFP was issued in November.
The defined benefit plan's current hedge funds-of-funds managers are Aetos Alternative Management and K2 Advisors. Mr. Maloney said discussions are ongoing about whether or not to terminate the existing managers.
The size of the allocations managed by K2 and Aetos could not be learned by press time.