Chicago Laborers’ Annuity & Benefit Fund hired ARGA Investment Management to run about $20 million in active emerging markets equities.
The $1.1 billion pension fund’s board approved the hiring at its March 7 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in December. The RFP did not disclose the reason for the search. According to Nov. 17 board meeting minutes, current emerging markets equity manager Vontobel Asset Management has been on watch for undisclosed reasons.
The other finalists were Driehaus Capital Management, EARNEST Partners and Lazard Asset Management.
As of Dec. 31, the actual allocation to equities was 48.2%; the target is 50%.
Investment consultant Marquette Associates assisted.
