Chicago Municipal Employees narrows infrastructure manager search to 3 finalists

Chicago Municipal Employees' Annuity & Benefit Fund named three finalists in its search for its first infrastructure manager to run $80 million, said Steve Yoon, investment manager.

 

The $4.3 billion pension fund named IFM Investors, J.P. Morgan Asset Management (JPM) and Ullico Investment Advisors as finalists to run an open-end portfolio. The pension fund issued an RFP in August for more diversification and more yield, Mr. Yoon said at the time. Funding will likely come from two core fixed-income managers, neither of which would be terminated.

 

As of June 30, LM Capital Group and UBS Asset Management ran $264 million and $68 million, respectively, in active domestic core fixed income.

 

Finalist interviews will take place Nov. 15, with a decision expected shortly thereafter.

 

Investment consultant Marquette Associates is assisting.

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