Chicago Metropolitan Water Reclamation District Retirement Fund hired Ramirez Asset Management to run $50 million to $55 million in active domestic core-plus fixed income.
The $1.3 billion pension fund's board at its Oct. 30 meeting voted to begin contract negotiations with the manager, which are still pending, said James E. Mohler, executive director.
The pension fund issued an RFP in April for a minority- or women-owned core-plus fixed-income manager to complement a passive core-plus portfolio managed by State Street Global Advisors.
Funding comes from reducing SSGA's portfolio, which leaves it about $150 million, Mr. Mohler said. There were two other finalists that were not named.
As of June 30, the actual allocation to fixed income was 27.7%; the target is 27%.
Investment consultant Marquette Associates assisted.
