Fort Lauderdale (Fla.) General Employees Retirement System hired Glovista Investments and OFI Institutional Asset Management to run $10 million each in active emerging markets equities, confirmed David Desmond, administrator for the $507 million pension fund.
An RFP was originally issued in August for a single manager to run $10 million after incumbent Hansberger Global Investors told officials it was closing the emerging markets equity mutual fund in which the pension fund was invested.
When the city of Fort Lauderdale issued pension obligation bonds in September to improve the funding of the city's two pension funds, the retirement system moved the $10 million to its other active emerging markets equity manager, Schroder Investment Management, giving the manager a total of $21 million, said Mr. Desmond in a telephone interview.
The hires are now funded by cash from the pension obligation bond issuance, and the pension fund decided to hire two managers to run a total of $20 million as a result.
Investment consultant Dahab Associates assisted.