Ohio Schools makes first move into local currency emerging markets

Ohio School Employees Retirement System, Columbus, hired Stone Harbor Investment Partners to run $75 million in active local currency emerging markets debt, confirmed spokesman Tim Barbour.

The $9.9 billion pension fund issued an RFP in February for its first emerging markets debt manager, which falls within its global fixed-income allocation.

Funding comes from cash. The other finalist, Pictet Asset Management, was named a standby manager.

Investment consultant Summit Strategies Group assisted.

Separately, the pension fund committed $30 million each to hedge funds Archer Capital Offshore Fund, a middle-market-focused, event-driven multistrategy fund managed by Archer Capital Management, and Triton Fund, an event-driven reinsurance fund managed by Nephila Capital.

Funding comes from cash and from the pension fund’s redemptions from hedge funds OMG Opportunities Trading Fund and Lansdowne Global Financials Fund, to which the pension fund had invested $35 million and $23.4 million, respectively.

The redemptions were due to underperformance, according to Mr. Barbour.

Andrew Honnor, spokesman for Lansdowne Partners, did not return a phone call for comment by press time. Efforts to reach OMG Capital for comment were unsuccessful.

Hedge fund consultant Aksia assisted.