Chicago Firemen's Annuity & Benefit Fund terminated GlobeFlex Capital from its active international small-cap equity portfolio.
The $863 million pension fund's board approved the termination at its Oct. 23 meeting, recently released meeting minutes show.
The board approved investing the proceeds with Highclere International Investors, which was hired in May to manage up to $25 million in active international small-cap equities following an RFP process that began in October 2019.
The size of Globeflex's portfolio and the reason for the termination were not available.
As of Sept. 30, the pension fund's actual allocation to international equities was 24.2%.
Investment consultant Callan assisted.
Lorna Scott, chief investment officer, could not be immediately reached to provide further information.
