Chicago Laborers' Annuity & Benefit Fund terminated AFL-CIO Housing Investment Trust's portfolio and Western Asset Management Co.'s global multisector fixed-income portfolio, recently released board meeting minutes show.
The $1.2 billion pension fund's board approved the terminations at its April 23 meeting. The minutes said the AFL-CIO termination would fund the $30 million commitment to Ullico Infrastructure Taxable Fund, an open-end core infrastructure fund, that the board approved in March, and the Western Asset termination would fund hedged credit portfolios totaling $60 million, managed by Corbin Capital Partners, Symphony Asset Management and Core Capital Management, that the board approved in October. The Western Asset termination would also provide liquidity for benefit payments, the minutes said.
The current portfolio sizes of AFL-CIO and Western Asset, and why these specific portfolios were terminated, were not available.
Michael Walsh, executive director and chief investment officer, did not return a phone call seeking further information.