Chicago Municipal Employees' Annuity & Benefit Fund named four finalists in its search for up to two managers to run a total of about $150 million in active global low-volatility equity strategies.
The $3.7 billion pension fund named Acadian Asset Management, BMO Global Asset Management, PanAgora Asset Management and TD Asset Management as finalists, which will make presentations at a Nov. 12 special board meeting, said Steve Yoon, investment officer.
The pension fund issued an RFP in August. The funding source has yet to be determined, and no managers will be terminated, Mr. Yoon said. The timeline for a selection has yet to be determined.
As of Aug. 31, the actual allocations to domestic equities and international equities were 25.4% and 20.5%, respectively; their respective targets are 26% and 22%.
Investment consultant Marquette Associates is assisting.