Missouri Local Government Employees Retirement System, Jefferson City, hired Stone Harbor Investment Partners to run $180 million in emerging markets debt, said Brian Collett, chief investment officer at the $4.4 billion pension fund.
Stone Harbor will manage half the assets in U.S. dollar-denominated emerging markets sovereign debt, 40% in local currency-denominated emerging markets sovereign debt and 10% in corporate emerging markets local currency debt.
The hiring follows an internal asset-liability study that suggested adding emerging markets debt with at least some portion in local currency bonds, Mr. Collett said.
Standish Mellon Asset Management and AllianceBernstein were also finalists. Other semifinalists were Fischer Francis Trees & Watts, Grantham Mayo Van Otterloo, ING Investment Management and Loomis, Sayles.