Seattle City Employees signs Ashmore for emerging markets debt

Seattle City Employees’ Retirement System hired Ashmore Group to manage a $35 million active emerging markets debt commingled fund, said Anthony Smith, deputy chief investment officer, in an email.

It is the first dedicated emerging markets debt hire for the $2.4 billion pension fund, said Mr. Smith, and is part of the pension fund’s 7% target allocation to credit. The actual allocation as of Sept. 30 was 5.2%. The strategy will invest in a blend of local and hard currency bonds.

Investment consultant NEPC assisted.