Massachusetts Pension Reserves Investment Management board, Boston, on Feb. 7 is expected to approve three managers to run a combined $900 million in local currency emerging markets debt, according to meeting documents.
The MassPRIM board's investment committee and its consultant, Hewitt EnnisKnupp, have recommended that Pictet Asset Management be hired to run $400 million, while Stone Harbor Investment Partners and Investec Asset Management be hired to run $250 million each.
MassPRIM hired its first emerging markets debt managers in 2003. Ashmore Investment Management and Pacific Investment Management Co. run about $450 million and $250 million, respectively, for the board in debt strategies primarily focused on U.S. dollar-denominated emerging markets bonds, according to the fund's 2011 annual report.
