Chicago Firemen's Annuity & Benefit Fund hired Brown Capital Management and Highclere International Investors to run up to $25 million each in active international small-cap equities.
The $756 million pension fund's board approved the selections at its May 20 meeting, recently released meeting minutes show.
The pension fund issued an RFP in October. At the time, its website listed EPOCH Investment Partners and Globeflex Capital as respective international smidcap value and growth managers, and it did not list any international small-cap equity managers.
As of March 31, the actual allocation to international equities was 22%; the target is 25%.
Investment consultant Callan assisted.
Lorna Scott, chief investment officer, could not be immediately reached to provide further information.