Chicago Municipal Employees' Annuity & Benefit Fund placed opportunistic fixed-income manager Crescent Capital Group and active international equity manager MacKay Shields on watch for performance.
The $3.3 billion pension fund's board approved placing the managers on watch at its Feb. 16 meeting, said Stephen Wolff, the pension fund's investment officer, in an email.
As of Feb. 28, Crescent Capital managed $63 million in its High Income Fund, which the pension fund allocated to its opportunistic fixed-income asset class, and MacKay Shields managed $45 million in active international large-cap core equities.
MacKay Shields also manages a $116 million high-yield portfolio for the pension fund.
Officials for both firms could not be immediately reached for comment.
As of Feb. 28, the pension fund's actual allocations to fixed income and international equities were 21.9% and 15.2%, respectively; the respective targets are 22% and 17%.
Investment consultant Marquette Associates assisted.