Orange County Employees Retirement System, Santa Ana, Calif., hired Acadian Asset Management and City of London Investment Management to run $125 million each in active emerging markets equities, confirmed spokesman Robert Kinsler.
The $10.5 billion pension fund searched for managers in June as part of a review of AllianceBernstein (AB), which ran the entire portfolio and was on watch, the reason for which could not be learned by press time.
The other finalist was Parametric Portfolio Associates.
Separately, the pension fund's investment committee on Wednesday approved recommendations to invest between $45 million and $63 million in Highfields Capital Management, and between $52 million and $74 million in Och-Ziff Capital Management Group's Overseas Fund II, as part of its direct hedge fund program.
Mr. Kinsler did not respond to requests for further information by press time.