City of Milwaukee Employes’ Retirement System named AQR Capital Management, Axiom International Investors, Harding Loevner, and Los Angeles Capital Management and Equity Research as finalists in a search for a manager to run $100 million in active emerging markets equities.
The allocation is the $4.7 billion CMERS’ first to the asset class.
CMERS’ board plans to hire one manager, said David M. Silber, chief investment officer.
Funding will come from reducing international equities to 20%, from 22%. No international managers will be terminated.
CMERS expects to complete negotiations and announce a hiring in June or July, Mr. Silber said.
CMERS authorized an invitation-only search in December.
Callan Associates, CMERS’ investment consultant, is assisting in the search.