Tampa (Fla.) General Employees Pension Fund added $9 million to an active emerging markets equity portfolio managed by Aberdeen Asset Management, according to recently released board meeting minutes.
Funding comes from the $683 million pension fund’s termination in April of Victory Capital Management, which ran about $20 million in active international small-cap equities.
The board voted at its May 20 meeting to add part of the proceeds from the termination to Aberdeen’s portfolio to bring it closer to the pension fund’s 5% emerging markets equity target. The additional money gives Aberdeen about $29 million.
The rest of the proceeds will remain in cash, according to the meeting minutes. The reason for Victory Capital’s termination was not given.
Investment consultant Asset Consulting Group assisted.
Mark Boghich, pension plan supervisor, did not return a phone call by press time.
