Cook County pension fund looking for bond managers to run $590 million

Cook County Annuity & Benefit Fund, Chicago, is searching for active fixed-income managers to run up to $590 million.

The $9 billion pension fund is seeking at least one core-plus fixed-income manager to run up to a total of $345 million and at least one emerging short-duration manager to run up to $245 million.

Specific allocations to each manager will be determined by the pension fund board at a later date, according to the RFPs.

For the core-plus mandate, according to the RFP, existing managers can bid. The pension fund's current core-plus managers are Loomis Sayles & Co., MacKay Shields and New Century Advisors, according to the plan's website.

The emerging managers mandate is new. The managers have to be minority-, women- or disabled-owned firms.

The pension fund has a 26% allocation to fixed income.

Funding will come from rebalancing, said Fernando Vinzons, senior investment officer at the pension fund. No managers are being terminated; the pension fund may add new managers or allocate more money to existing managers if they bid. The RFPs are available on the pension fund's website. Registration is require.

Proposals are due at 3 p.m. CDT July 5. A selection date has not been determined.

Callan Associates, the pension fund's investment consultant, is assisting.