Fort Lauderdale General Employees Retirement System, Florida, hired Hansberger Global Investors and Schroder Capital Management to split approximately $5 million for emerging market mutual funds.
Scudder, Stevens and Clark was the only other finalist, said Dorothy Holt, pension administrator.
The source of the funding for the new mandate has yet to be determined. The board will be discussing rebalancing the $192 million fund's allocation at next month's meeting, because of a 65% cap on domestic equity investments, Ms. Holt said.
No additional hires are expected from the rebalancing.
Dahab and Associates is assisting.