Baltimore City Employees' Retirement System will launch a search in the third quarter for a manager to run $25 million in emerging markets small-cap stocks.
Funding will come from terminating Batterymarch, which ran a similar amount in large-cap emerging markets stocks. The $1.4 billion pension fund is terminating Batterymarch because of underperformance, according to a news release on the retirement system's website. Calls to Batterymarch were not returned by press time.
Investment consultant Marquette Associates is helping with the search.
No further information could be learned by press time.
Calls to Roselyn Spencer, the fund's executive director, and Nicole Roman-Bhatty, managing partner at Marquette, were not returned by press time.