Louisiana Municipal Police Employees Retirement System, Baton Rouge, hired Investec Asset Management to run $83 million in active emerging markets debt, said Kelli Rogers, chief financial officer.
The $1.8 billion pension fund issued an RFP in April as a result of a new 3% target to the asset class as part of an asset allocation adopted in July 2013.
Other finalists were Ashmore Investment Management, Pictet Asset Management and Stone Harbor Investment Partners.
Funding will primarily come from equities, Ms. Rogers said, but no managers will be terminated.
Investment consultant NEPC assisted.
