Chicago Park Employees’ Annuity & Benefit Fund hired PineStone Asset Management to run about $50 million in active international developed markets equities.
The $394 million pension fund’s board approved the hiring at its Sept. 19 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in May and did not provide a reason for the search in the RFP or the board minutes. As of June 30, Northern Trust Asset Management managed $38 million in passive international developed markets equities and William Blair & Co. managed $14 million in active international developed markets equities, according to the pension fund’s most recently available performance report.
The funding source for the new portfolio was not provided. Steve Swanson, executive director, could not be immediately reached for further information.
The other finalists were C Worldwide Asset Management and Causeway Capital Management.
As of June 30, the actual allocation to international equities was 13.2%; the target is 18%.
Investment consultant Meketa Investment Group assisted.