Denver Employees Retirement Plan selected Colchester Global Investors to run about $57 million in an emerging markets local currency debt mandate, said Randall Baum, chief investment officer for the $2.3 billion pension fund, in an email.
Colchester replaces Pictet Asset Management, which was terminated earlier this year for undisclosed reasons. A spokesman for Pictet Asset Management could not immediately be reached for comment.
Mr. Baum declined to disclose other firms the plan considered in the invitation-only search. Investment consultant Summit Strategies Group assisted.
DERP has a 2.5% allocation to emerging markets local currency debt.