Maryland-National Capital Park and Planning Commission Employees' Retirement System, Riverdale, Md., will add $15 million to a new passive domestic small-cap equity portfolio managed by Northern Trust Asset Management, giving it about $30 million.
The $981 million pension fund's board approved the addition at its April 22 meeting, recently released minutes show.
Proceeds come from the impending closure of active domestic small-cap value equity manager Chicago Equity Partners. The pension fund had placed the manager on watch for performance concerns at its March 3 meeting.
Chicago Equity Partners publicly announced the move in an April 17 update to its SEC ADV filing noting that "CEP has decided to wind up its operations, including liquidating all private funds. CEP has notified its clients of its decision and provided a description of the process."
Northern Trust currently runs $15 million in a passive domestic small-cap growth equity portfolio, and once proceeds are added, the board will instruct Northern Trust to move the money to a passive small-cap core equity portfolio, the minutes show.
Investment consultant Wilshire Associates assisted.
Andrea L. Rose, administrator, could not be immediately reached for further information.