Chicago Park Employees' Annuity & Benefit Fund hired Mesirow Financial to manage about $17 million in an active domestic core fixed-income portfolio.
The $335 million pension fund's board at its May 21 meeting approved transitioning the assets of its active domestic core fixed-income portfolio managed by Chicago Equity Partners due to the latter firm's impending closure.
According to that meeting's minutes, the board hired Mesirow because Chicago Equity Partners' entire fixed-income portfolio management team would be moving to that firm when Chicago Equity Partners closed. Dean J. Niedospial, executive director of the pension fund, said in an email the assets were transferred to Mesirow pending an RFP; he did not provide further information.
As of Dec. 31, the pension fund's actual allocation to fixed income was 18%.
Investment consultant Marquette Associates assisted.