Canton of Zurich pension fund, Zurich, will withdraw from emerging markets, said Daniel Gloor, head of asset management for the plan. Over the next four months, the 19.2 billion Swiss franc ($10.7 billion) plan will close its four emerging markets equity mandates, which total 240 million francs, or 1.3% of total assets. Two of the portfolios are managed passively by Barclays Global Investors and State Street Global Advisors; the other two are actively managed by Fondvest and UBS Warburg. Mr. Gloor would not give sizes of the mandates. "The managers did a good job, more or less, but the markets were disappointing,” Mr. Gloor said.
The assets will be reallocated to the plan’s existing international equity portfolios.
