Michigan Municipal Employees' Retirement System, Lansing, likely will search for one or more managers to run about $100 million in active frontier markets equities, said Jeb Burns, chief investment officer, in an interview. The investment will be the first dedicated allocation to the subasset class for the $6.8 billion system.
The search will be conducted by internal investment staff and likely will start in the fall.
Funding for the new hire will come from reducing the accounts of other international equity managers, Mr. Burns said. No terminations are expected.