Chicago Municipal Employees’ Annuity & Benefit Fund hired Lazard Asset Management to run about $75 million in active emerging markets equity.
The $3.5 billion pension fund’s board approved the hiring at its Jan. 18 meeting, recently released meeting minutes show.
The pension fund issued an RFP in October to “survey the current offerings in the EM space,” said Stephen Wolff, investment officer.
As of Jan. 31, the pension fund’s sole emerging markets equity manager was William Blair & Co., whose portfolio had $76 million in assets.
Wolff said he could not comment further on the funding source of the new portfolio because the pension fund is still in the quiet period regarding the search. There were two other undisclosed finalists.
As of Jan. 31, the pension fund’s actual allocation to international equities was 16.4%; the target is 17%.
Investment consultant Marquette Associates assisted.
