Fort Lauderdale (Fla.) General Employees Retirement System named Brandes Investment Partners, Glovista Investments, OFI Institutional Asset Management and Wells Capital Management as finalists in its search for an active emerging markets equity manager to run $10 million, confirmed David Desmond, administrator for the $499 million pension fund.
The finalists will make presentations at a special Oct. 30 board of trustees meeting.
An RFP was issued in August when the incumbent, Hansberger Global Investors, informed the pension fund in July that it was closing the emerging markets equity mutual fund in which the system was invested, according to Mr. Desmond.
Investment consultant Dahab Associates is assisting.
Separately, the board voted at a meeting on Thursday to add a total of $38 million, to eight existing managers based on Dahab's recommendation. Six domestic equity managers are receiving $5 million, while two international equity managers are receiving $4 million.
Domestic growth equity managers Navalier & Associates Inc. will now run $47 million; Garcia Hamilton & Associates, $45 million; and Lord, Abbett & Co., $19 million. Domestic value equity managers DePrince, Race & Zollo Inc. will now handle $50 million; WEDGE Capital Management, $46 million; and Lord Abbett, $13 million. International equity managers Aberdeen Asset Management and Franklin Templeton (BEN) Investments (BEN) will run $29 million and $26 million, respectively.
The total comes from the $146 million the pension fund received in September from proceeds of pension obligation bonds issued by the city of Fort Lauderdale.