Chicago Municipal Employees' Annuity and Benefit Fund will begin a search Sept. 21 for an active international small-cap equity manager to run between $40 million and $50 million.
The $3.4 billion pension fund will issue the RFP to move the portfolio to active management from passive management, said Steve Yoon, investment officer.
Northern Trust Asset Management currently manages about $47 million in passive international small-cap equities; the firm will be eligible to bid, Mr. Yoon said.
As of July 31, the actual allocation to international equities was 17.7%; the target is 17%.
The RFP will be available on the pension fund's website on Sept. 21. A due date and selection dates were not immediately available.
Investment consultant Marquette Associates is assisting.