Chicago Municipal Employees' Annuity and Benefit Fund named four finalists in its search for an active international small-cap equity manager to run between $40 million and $50 million.
The $3.4 billion pension fund's board will interview Acadian Asset Management, Kayne Anderson Rudnick, Strategic Global Advisors and William Blair & Co. at its Dec. 17 meeting, said Steve Yoon, investment officer. A decision is expected shortly afterward.
The pension fund issued an RFP in September to move the portfolio to active management from passive management.
Northern Trust Asset Management currently manages about $47 million in passive international small-cap equities; the firm was eligible to rebid but did not do so, Mr. Yoon said.
As of July 31, the actual allocation to international equities was 17.7%; the target is 17%.
Investment consultant Marquette Associates is assisting.