Institutional Investors

Chicago Muni adds bank loan portfolio

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The Municipal Employees' Annuity & Benefit Fund of Chicago has hired Symphony Asset Management to run a $75 million bank loan mandate.

Symphony will employ its senior loan strategy for the $4.5 billion pension fund. The municipal plan completed its $400 million foray into funds of hedge funds earlier this year with equal allocations to K2 Advisors and Rock Creek Group.

Symphony is attuned to the long-term opportunities and risks the bank loan investment category can present, according to Gunther Stein, chief investment officer at the firm.

Symphony has built an investment platform to provide clients access to senior