Spokane (Wash.) Employees' Retirement System is searching for an active emerging markets equity manager and an opportunistic credit manager to run portfolios of about $10 million each, said Philip Tencick, retirement director.
The $308 million pension fund is conducting the active emerging markets equity search for a manager to replace Berens Capital Management, which runs $10 million is on watch for organizational changes and undeperformance. Mr. Tencick said the pension fund hopes to have a decision made early in the third quarter.
Isabelle Ferreira, Berens' chief compliance officer, said the firm has no comment at this time.
The pension fund's actual allocation to emerging markets equities was 3.3% as of Feb. 28; the target is 3%.
Also, the pension fund is conducting a search for an opportunistic credit manager. The board had originally approved a direct hedge fund investment in June 2017 to AG Super Fund, a multistrategy fund managed by Angelo, Gordon & Co. Mr. Tencick said organizational changes at the firm has caused the pension fund to decide not to fund the investment and relaunch the opportunistic credit search. A timeline for a decision has yet to be determined, Mr. Tencick said.
The pension fund's actual allocation to opportunistic credit was 3.4% as of Feb. 28; the target is 7%.
Interested managers are invited to contact investment consultant Hyas Group, which is assisting with the searches, Mr. Tencick said.