Flintshire County Council Clwyd Pension Fund, Mold, Wales, hired Aberdeen Asset Management to run a £7 million ($11 million) frontier markets portfolio, according to a source at the pension fund.
The mandate is the £1.1 billion pension fund's first dedicated frontier markets strategy, and will be funded by rebalancing and/or new cash inflows.
Aberdeen will primarily invest in frontier markets equities but is allowed to invest in other asset classes, such as debt.
Independent investment consulting firm YCS UK advised.
