The $1.7bn Chicago Laborers' Annuity & Benefit Fund has dropped ABN Amro and Weiss Peck & Greer from its US large cap growth mandates, and given the money to existing index manager, Northern Trust.
James Capasso, the fund’s executive director, said that ABN Amro and Weiss Peck & Greer were terminated as it was unhappy with their performance. ABN Amro and Weiss Peck & Greer had managed $60m and $81m respectively, and the fund will now reallocate the $141m to Northern Trust's S&P 500 index brief. Prior to the funding increase, Northern Trust had managed $59m for the fund.
Additionally, the fund has announced four new private equity investments, with $17.5m going to the Midwest Mezzanine Fund and $7.5m to the Capri / Capital Advisors Apartment Fund II. Other investments by the fund include the Mesirow Capital Partners VIII fund and the Mesirow Partnership II fund, both of which receive $7.5m.
By Geoffrey Ho
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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