Chicago Municipal Employees' Annuity & Benefit Fund terminated Great Lakes Advisors from its $50 million active domestic large-cap value equity portfolio.
The $3.4 billion pension fund's board at its Oct. 15 meeting fully liquidated its investment with the manager to make benefit payments, said Steve Yoon, investment officer, in an email.
The liquidation leaves the pension fund with one domestic large-cap equity manager. As of July 31, the pension fund had $461 million invested in an S&P 500 index fund managed by RhumbLine Advisers.
As of that same date, the pension fund's actual allocation to domestic equities was 25.3%; its target is 26%.
As of Dec. 31, the pension plan's funding ratio was 23.2%, according to the plan's most recent comprehensive annual financial report.