Imperial County Employees’ Retirement System, El Centro, Calif., hired Vontobel Asset Management to run $25 million in active emerging markets equities, said David H. Prince, retirement administrator.
The $683 million pension fund conducted an invitation-only search earlier this year for a second emerging markets equity manager with more of a value tilt, Mr. Prince said. Current manager Dimensional Fund Advisors, which also runs $25 million, has more of a growth tilt, he said.
Funding comes from rebalancing; no managers will be terminated.
Investment consultant Wurts & Associates assisted.