Austin (Texas) Police Retirement System terminated Ashmore Investment Management from a $17 million emerging markets bond portfolio, said Sampson Jordan, CEO, in an e-mail.
The $653 million pension fund terminated the firm to consolidate its fixed-income managers because the asset class accounts for only 10% of the overall pension fund, Mr. Jordan said.
The pension fund is moving the assets to an existing global multisector bond portfolio managed by Franklin Templeton Investments, giving it about $35 million. The other remaining fixed-income manager is Orleans Capital Management.
Earlier this year, the pension fund liquidated its $16.1 million investment in the KBI Eco Water Fund in order to consolidate its 15% international equity allocation down to three managers from four.
