Chicago Municipal Employees' Annuity & Benefit Fund is searching for an active domestic high-yield fixed-income manager to run $100 million, said Nadia Oumata, investment analyst.
The $5.1 billion pension fund is conducting the search to bring high-yield fixed income closer to its 5% target; the pension fund increased the target from 3% in November 2013. MacKay Shields is the pension fund's sole high-yield manager, hired in 2009 to manage $50 million.
The pension fund has yet to determine a funding source. No managers will be terminated.
The RFP is available on the pension fund's website. Proposals are due at 3 p.m. CDT on April 21. Finalist presentations, if needed, will take place May 21; the timetable for a decision has yet to be determined.
Investment consultant Marquette Associates is assisting.