Chicago Municipal Employees' Annuity & Benefit Fund hired Acadian Asset Management and BMO Global Asset Management to run $75 million each in active global low-volatility equity portfolios, said Steve Yoon, investment officer, in an email.
The $3.7 billion pension fund issued an RFP in August for managers to run active, long-only separate accounts. The funding source has yet to be determined, but no managers will be terminated, Mr. Yoon said at the time.
PanAgora Asset Management and TD Asset Management were the other finalists.
As of Aug. 31, the actual allocations to domestic equities and international equities were 25.4% and 20.5%, respectively; their respective targets are 26% and 22%.
Investment consultant Marquette Associates assisted.