Charlotte (N.C.) Firefighters Retirement System added emerging market debt to its international core bond portfolio.
Existing international core bond manager Baring Asset Management is managing the new sub asset class, which will total $1.7 million, after a rebalancing of the $215 million fund. Up to 20% of the international core bond portfolio, which is currently $6.7 million, will be invested in emerging markets. That portfolio will total $9.7 million after rebalancing. Rebalancing from the domestic equity portfolio is expected to be finished by mid-August. Callan is assisting.