Louisiana Sheriffs' Pension & Relief Fund, Baton Rouge, hired Ashmore Investment Management to run $25 million in active emerging markets debt, said Osey “Skip” McGee Jr., executive director.
It is the $2.7 billion pension fund's first investment in emerging markets debt. Funding will come from fixed-income managers; no managers will be terminated.
Mr. McGee said the pension fund decided to make a very small allocation to emerging markets debt to see how the asset class performs for the fund before deciding to make any further allocations in the future.
Investment consultant Russell Investments assisted.