Adams County Retirement Plan, Brighton, Colo., rehired Aberdeen Asset Management as an active emerging markets equity manager, said Pamela Mathisen, executive director of the $228 million pension fund.
Aberdeen was terminated at the end of last year due to the asset class’ struggling performance and the pension fund’s desire to no longer be overweight emerging markets equity.
On the decision to bring back Aberdeen, Ms. Mathisen said a recent asset allocation study from its investment consultant, Ellwood Associates, showed that “over the intermediate term, emerging markets look relatively appealing compared to developed markets equity.”
Ms. Mathisen did not have information on an allocation size for Aberdeen. Funding will come from rebalancing within the plan’s overall equity portfolio.
Aberdeen managed $11.4 million for the pension fund prior to its termination, which was transferred to existing international equity managers Dimensional Fund Advisors and Capital Group.
The pension fund has a 20% international equity target and 30% domestic equity target.