St. Louis Public School Retirement System hired Lazard Asset Management to run a $28 million active emerging markets debt portfolio, recently released board meeting minutes said.
The $832 million pension fund conducted an invitation-only search in the summer for its first emerging markets debt manager. At the time, the pension fund had yet to hire any managers after creating a 4% target allocation to the asset class in 2013.
Separately, the investment committee recommended terminating the pension fund’s investment in Wellington Management’s Diversified Inflation Hedges strategy, a commodities mutual fund, because of underperformance. The board is scheduled to vote on the recommendation at its Dec. 14 meeting.
Andrew Clark, executive director, did not return a phone call by press time.