San Joaquin County Employees' Retirement Association, Stockton, Calif., selected Brinson Partners and Scudder, Stevens & Clark for emerging markets portfolios. The $915 million fund gave Brinson $10 million and Scudder $5 million.
Robert Palmer, retirement administrator, said funding for the new Brinson portfolio will come from a 10% shift of the $99 million Brinson now manages in non-U.S. equities for the fund.
The Scudder allocation will come from a transfer of some domestic equities investments, but no managers will be terminated. Scudder already manages about $5 million in emerging markets for San Joaquin as part of the fund's $75.5 million allocation to Scudder's international equity trust, a commingled fund. Consultant Strategic Investment Solutions assisted.