Chicago Municipal Employees' Annuity & Benefit Fund is searching for up to two managers to run a total of about $150 million in active global low-volatility equity strategies, said Steve Yoon, investment officer, in an email.
The $3.8 billion pension fund issued an RFP for managers to run active, long-only separate accounts. Mr. Yoon said the funding source has yet to be determined, and no managers will be terminated.
As of May 31, the actual allocations to domestic equities and international equities were 24.6% and 19.9%; their respective targets are 26% and 22%.
The RFP is available on the pension fund's website. Proposals are due at 3 p.m. CDT on Sept. 27. A timeline for a decision has yet to be determined.
Investment consultant Marquette Associates is assisting.