Chicago Metropolitan Water Reclamation District Retirement Fund canceled its search for a minority-owned emerging manager to run bout $17 million in active domestic large-cap value equity, said Susan Boutin, executive director.
The $1.2 billion pension fund did not receive an adequate number of responses to the RFP, and elected to temporarily move the assets to O'Shaughnessy Asset Management, effectively doubling its assets under management for the pension fund to $35 million.
O'Shaughnessy was hired in March as an emerging manager to run an active domestic large-cap value equity strategy.
Ms. Boutin said the board will discuss later what to do with the assets on a long-term basis.
