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.