Chicago Park Employees' Annuity & Benefit Fund placed active domestic core-plus fixed-income manager MacKay Shields on watch.
The $338 million pension fund's board placed the manager on its watchlist at its June 15 meeting due to "significant personnel changes" in recent years, recently released meeting minutes showed.
The pension fund originally hired MacKay Shields, its sole core-plus fixed-income manager, in 2001.
As of March 31, the pension fund's actual allocation to credit was 6.9%; the target is 5%.
Investment consultant Meketa Investment Group assisted.
Steve Swanson, executive director, could not be immediately reached for further information.