Seattle City Employees' Retirement System hired City of London Investment Management to run up to $60 million in active emerging markets equities, said Jason Malinowski, chief investment officer, in an email.
The $2.6 billion pension fund's board approved the hiring at its July 13 meeting. The strategy focuses on emerging markets equity closed-end funds.
Mr. Malinowski did not say what the funding source was. As of March 31, the pension fund's single active emerging markets equity manager was J.P. Morgan Asset Management (JPM), with a $135 million portfolio. The pension fund does not have a dedicated emerging markets equity target. Overall, the international equity's actual allocation as of March 31 was 21.9%.