Imperial County Employees’ Retirement System, El Centro, Calif., hired Harding Loevner to run $21 million in active emerging markets equities, said Michael A. Hermanson, plan administrator.
The $675 million pension fund began a shortlist search following the announcement earlier this year that incumbent manager Vontobel Asset Management’s co-CEO and chief investment officer, Rajiv Jain, would be leaving the firm. While the pension fund included Vontobel in the shortlist, the firm will now be terminated, Mr. Hermanson said.
There were no finalist presentations.
Investment consultant Verus Advisory assisted.