Fresno County Employees picks 2 finalists for emerging markets debt

Fresno County (Calif.) Employees' Retirement Association named Pacific Investment Management Co. and Ashmore Group as finalists for a shortlist search for an emerging markets debt manager to run about $100 million in local currency, according to an audiocast of the Feb. 6 board meeting.

Interviews will take place in April.

This is the fund's first allocation to emerging markets local currency debt. Funding is coming from the November termination of Standish Mellon Asset Management's $96 million opportunistic fixed-income allocation after fund officials decided to change strategy.

Investment consultant Wurts & Associates is assisting.

Phillip Kapler, retirement administrator of the $3.2 billion pension plan, could not be immediately reached for additional information.