Cook County Annuity & Benefit Fund's investment committee on Tuesday recommended the $8 billion pension fund hire emerging manager Herndon Capital Management to run up to $30 million in active international equities.
The hiring would be the last part of the Chicago-based pension fund's two-year restructuring of its international equity allocation. The pension fund had a 20% allocation to international equities as of Sept. 30, according to Pensions & Investments data.
Herndon Capital already runs $60 million in active large-cap domestic value equities for the plan, said Nickol Hackett, chief investment officer.
The pension fund's board will vote on the recommendation at its May 2 meeting.
Separately, the pension fund added $185 million to a $673 million S&P 500 index fund managed by RhumbLine Advisors. The money was in an enhanced index large-cap core equity portfolio run by Robeco Investment Management. The strategy is being phased out following Robeco's acquisition by Orix Corp.