Cook County Employees’ and Officers’ Annuity & Benefit Fund hired Acadian Asset Management and ARGA Investment Management to run a total of $450 million in active international equities.
The $13.5 billion pension fund’s board approved the hirings at its April 3 meeting, recently released meeting minutes showed.
Acadian will run a $300 million core portfolio, and ARGA will run a $150 million value portfolio, according to the minutes.
The pension fund issued an RFP in December. That RFP did not disclose the reason for the search or the funding source for the new portfolios.
As of Dec. 31, the actual allocation to international equities was 20.5%; the target is 20%.
Investment consultant Callan assisted.
Stephen Wolff, the pension fund’s director of investments, could not be immediately reached for further information.
