Montgomery County Employees' Retirement System, Rockville, Md., hired Mondrian Investment Partners to run $40 million in active emerging market equities. Funding came from terminating Capital Guardian, whose performance had been a concern for some time, said Linda Herman, executive director. Capital Guardian does not comment about clients, said spokeswoman Kelly Malarky.
The $2.1 billion system also hired a private equity fund of funds manager to run a $30 million portfolio, Ms. Herman said. She declined to name the manager until contract negotiations are completed next month. The hiring is an effort to boost the fund's alternatives exposure; it has a 5% alternatives target, but its current allocation is 1%. Funding will come from rebalancing, she said.