Kern County Employees makes first move to emerging markets debt

Kern County Employees' Retirement Association, Bakersfield, Calif., hired Gramercy and Stone Harbor Investment Partners to manage about $60 million each in emerging markets debt, said Anne Holdren, executive director of the $2.8 billion fund, in an e-mail.

Each manager will manage 50% of the fund's new 4% allocation to emerging markets debt. KCERA hired the two managers following a search using a shortlist from the fund's general investment consultant, Wurts & Associates' database.

Separately, the board at its July 11 meeting selected Gresham Investment Management, Wellington Management, Astenbeck Capital Management and Threadneedle Investments as finalists for a new $172 million commodities mandate.

The number of managers to be hired has not been determined. The board is expected to make a selection by the end of the year, Ms. Holdren wrote.

The funding for both new allocations is still to be determined, Ms. Holdren said.