Contra Costa County Employees’ Retirement Association, Concord, Calif., hired two managers to run $600 million combined in emerging markets equity strategies and another to manage $70 million in a passive equity strategy, confirmed Tim Price, chief investment officer, in an interview.
For emerging markets, the $7.6 billion pension fund hired Pacific Investment Management Co. and TT International to run $300 million each. The PIMCO strategy is subadvised by Research Affiliates.
The board also approved a $70 million investment in a BlackRock Russell 1000 passive equity strategy.
Mr. Price said the new equity strategies will be funded by reducing the assets the pension fund invests with some of the other equity managers but said a decision has not yet been made as to which managers will be reduced.
The system currently has seven equity managers in a $1.87 billion equity portfolio but no dedicated emerging markets managers.