Chicago Park Employees' fund puts 2 on watch

Chicago Park Employees’ Annuity & Benefit Fund placed active domestic core fixed-income manager Chicago Equity Partners and core real estate manager UBS Trumbull on watch for underperformance, recently released board meeting minutes show.

The $323 million pension fund’s board approved placing the managers on watch at its July 18 meeting. As of Dec. 31, Chicago Equity Partners managed $16 million in active domestic core fixed income and the pension fund had $12 million invested in the open-end UBS Trumbull Property Fund, according to the most recent available investment report.

The pension fund also has $12 million invested in the UBS Trumbull Income Fund, but did not place that portfolio on watch.

Officials at Chicago Equity Partners could not be reached immediately for comment; UBS spokeswoman Sheryl Lee declined to comment.

As of Dec. 31, the actual allocations to fixed income and real estate were 19.3% and 11.5%, respectively; the respective targets are 20.5% and 9%.

Investment consultant Marquette Associates assisted.

Dean J. Niedospial, the pension fund’s executive director, could not be reached immediately to provide further information.