Kern County Employees' Retirement Association, Bakersfield, Calif., selected four finalists in its search for a manager to run $50 million in active emerging markets equities, said Wanda Castro, spokeswoman for the $2.5 billion fund. They are: Wellington Management, Lazard Asset Management, Emerging Markets Investors and incumbent Capital Guardian. The board could select a finalist at its Jan. 11 meeting.
Wilshire Associates conducted the shortlist search because Capital Guardian's returns lagged its benchmark the MSCI Emerging Markets index plus three percentage points. But since Capital Guardian's returns improved in the third quarter, the firm was included as a finalist, Ms. Castro said. Chuck Freadhoff, vice president of Capital Guardian's parent, Capital Research and Management, declined to comment.