Chicago Firemen's Annuity & Benefit Fund placed Highclere International Investors on watch for its $25 million active international small-cap equity portfolio.
The $1.3 billion pension fund's board placed the manager on watch at its Feb. 19 meeting due to "performance issues," recently released meeting minutes showed.
A Highclere spokesperson could not be immediately reached for comment.
Also at the Feb. 19 meeting, the board voted to remove Brown Capital Management from its watchlist. The manager also runs $25 million in active international small-cap equities for the pension fund.
The pension fund had placed Brown Capital on watch in October 2023 to “monitor its reorganizational plan,” meeting minutes said.
Both managers were hired by the pension fund in May 2020.
As of Dec. 31, the pension fund's actual allocation to global ex-U.S. equities was 22.8%; the target is 24%.
Investment consultant Callan assisted.
Lorna Scott, the pension fund's chief investment officer, could not be immediately reached for further information.
