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Pension Funds

Chicago Laborers terminates Morgan Stanley hedge fund-of-funds portfolio

Chicago Laborers' Annuity & Benefit Fund terminated Morgan Stanley (MS) Investment Management, which ran about $14 million in a global macro hedge fund of funds, recently released board meeting minutes show.

The $1.2 billion pension fund originally hired MSIM in 2015 to run its Riverview Global Macro Fund. The reason for the termination was not provided.

As of Sept. 30, the actual allocation to hedge funds was 7.3%.

Michael Walsh, executive director and chief investment officer, could not be immediately reached to provide further information.

Morgan Stanley spokeswoman Lauren Bellmare declined to comment.