Chicago Park Employees' Annuity & Benefit Fund placed William Blair & Co. on watch for its $20 million active international small-cap growth equity portfolio, said recently released board meeting minutes.
The $381 million pension fund cited "poor performance" in the minutes, based on investment consultant Marquette Associates' recommendation.
As of March 31, the pension fund's actual allocation to international equity was 19.9%; the target is 20%. William Blair is the pension fund's sole active international equity manager. Northern Trust Asset Management runs a $47 million passive international core equity portfolio and $8 million passive emerging markets equity portfolio.
Dean Niedospial, executive director of the pension fund, did not reply to requests for further information. William Blair spokesman Tony Zimmer referred a request for comment to the pension fund.