Strathclyde Pension Fund’s committee approved hiring Ashmore Group to run an emerging markets debt allocation.
Minutes published following a meeting of the committee Monday said the allocation is part of the Glasgow, Scotland-based £18.7 billion ($23.3 billion) pension fund’s short-term enhanced-yield strategy, and has an initial value of 1.5% of total assets, or about £280 million.
The pension fund approved its first allocation to emerging markets debt in June. Richard Keery, investment manager, said at the time in an e-mail that the emerging markets debt allocation addition is the final piece of the first part of a multistage strategic shift for the pension fund to enhanced yield, both mid and long term, from equities.
The pension fund launched a search in August.
A spokesman for Glasgow City Council, the administering authority for the pension fund, could not be reached for comment by press time.
