North Dakota State Board of Investment, Bismarck, selected JPMorgan Asset Management and PanAgora Asset Management to run $30 million each in active commingled emerging markets equities, subject to completed contracts, said Steve Cochrane, executive director. The board, which oversees $3.2 billion in pension assets, decided to add greater diversification to its emerging markets portfolio. Currently, UBS manages about $50 million in active emerging markets equities for the fund; Dimensional Fund Advisors, $34 million; and Capital Guardian, $30 million.
Staff conducted the shortlist search, according to Mr. Cochrane. Funding for the new managers will come from a general rebalancing, with no terminations, he said.
Separately, the board has been talking with WestAM, which is developing an open-end commingled emerging markets equity fund for U.S. institutional investors, according to Mr. Cochrane. WestAM officials are expected to make a presentation to the board in two to six months, and the board potentially could invest $25 million to $30 million. Funding would also come from rebalancing.