Milwaukee County Employees' Retirement System hired three active equity managers in international, emerging markets and U.S. small-cap value equities, allocating a total $220 million, according to Marian Ninneman, manager of the $1.7 billion pension fund.
Vontobel Asset Management was assigned $110 million in international; OFI Global Asset Management, $60 million in emerging markets; and Silvercrest Asset Management Group, $50 million in U.S. small-cap value, Ms. Ninneman said in an e-mail.
Funding for the international and emerging markets allocations will come from terminating Baring Asset Management, which managed $120 million in international and $60 million in emerging markets as of Dec. 31. The pension fund had placed both Barings funds on alert for performance, according to a trustee report.
Barings executives declined to comment because of client confidentiality, Jo Pope, Barings public relations manager, said in an e-mail.
Funding for the U.S. small-cap value allocation will come from a temporary index fund; details were unavailable. “Funding will take place Sept. 9,” Ms. Ninneman said in her e-mail.
The hirings are the result of three RFPs the pension fund issued last April.
Marquette Associates, the pension fund's investment consultant, assisted in the searches.
