Searches and Hires

Chicago Policemen taps 2 for local currency emerging markets debt

Chicago Policemen's Annuity & Benefit Fund hired BlackRock (BLK) and Lazard Asset Management to run $25 million each in active local currency emerging markets debt, Chief Investment Officer Aoifinn Devitt said in an email.

It is the $2.6 billion pension fund's first allocation to emerging markets debt and will be funded by a reduction of $25 million from GAM Unconstrained Bond Fund, leaving it with about $74 million managed for the pension fund, and a reduction of $25 million from an as-yet-undetermined equity manager.

The pension fund issued an RFP in May. Other finalists were Ashmore Group; Grantham, Mayo, Van Otterloo & Co.; and Wellington Management.

As of March 31, the pension fund's actual allocation to fixed income was 30%; the target is 22%.

Investment consultant NEPC assisted.