Chicago Policemen's Annuity & Benefit Fund approved a search for cash management investment services at its board meeting Friday.
The RFP will be posted on the pension fund's website on May 2, and responses will be due by May 31, said Aoifinn Devitt, chief investment officer of the $2.4 billion pension fund, in an e-mail.
The uniformed officers' fund does not have an incumbent cash manager.
The board also approved investments of $20 million each to opportunistic credit managers Beach Point Capital Management and Voya Investment Management after a search that began in October, Ms. Devitt said. The other finalists were GoldenTree Asset Management, Symphony Asset Management and Tricadia Capital Management.
It is the pension fund's first allocation to opportunistic credit. Funding came from asset allocation changes made last year.
NEPC assisted with the search.