The $2.4 billion Chicago Policemen's Annuity & Benefit Fund may search for an active manager to run a U.S. smidcap equity portfolio to replace Chicago Equity Partners, which is closing.
During a board meeting conducted remotely Thursday, trustees approved moving the $31 million managed by Chicago Equity Partners to a Russell 1000 index fund managed by existing manager Northern Trust Asset Management, confirmed Thomas A. Beyna, a Chicago police officer, president of the board and chairman of the investment committee in an email.
The policemen's fund originally invested $50 million with Chicago Equity Partners in January 2018.
Mr. Beyna said the board "will consider issuing an RFP in the future" for a U.S. smidcap value equity manager.
The fund has a 6% allocation to U.S. smidcap equity. William Blair Investment Management runs $67 million in actively managed U.S. smidcap growth equity for CPABF, Mr. Beyna said.