Burlington (Vt.) Employees' Retirement System hired Hansberger Global Investors to run $8 million in ADRs, said Cindy Davis, retirement administrator. Hansberger replaced PIMCO, which ran the money in a similar portfolio, Ms. Davis said. Trustees of the $97 million plan made the move because of performance concerns and staff changes at subadviser Nicholas-Applegate, she said. Morgan Stanley assisted.
Phil Neugebauer, PIMCO spokesman, did not respond to a request for comment by press time.