Chicago Metropolitan Water Reclamation District Retirement Fund hired Driehaus Capital Management and Kayne Anderson Rudnick Investment Management to run about $40 million each in active international small-cap equities.
The $1.6 billion pension fund's board approved the hirings at its meeting Wednesday, said Brian Gillespie, the pension fund's financial analyst, in an email.
The pension fund had issued an RFP in August for potential replacements for LSV Asset Management, which ran about $80 million in active international small-cap equities, because the manager had been on watch for performance. Marisa Rosenblatt, partner and senior marketing and client service analyst, RFPs/databases, at LSV Asset Management, could not be immediately reached for comment.
LSV Asset Management did rebid for the services and was a finalist along with Ativo Capital Management, Mr. Gillespie said.
As of Dec. 31, the pension fund's actual allocation to international equities was 25.3%; the target is 22%.
Investment consultant Marquette Associates assisted.
