Municipal Employees' Annuity & Benefit Fund of Chicago hired Mondrian Investment Partners to manage $30 million in active emerging markets equities, said Jim Mohler, senior investment manager. The board of the $6 billion fund decided to add the asset class for greater diversification in the overall investment portfolio. The hiring is also part of a recent increase in the fund's international allocation, to 10% of assets from 5%. Funding came from reducing domestic equity investments; Mr. Mohler said no managers were terminated.
Becker Burke Associates assisted with the shortlist search.