Greenwich (Conn.) Retirement System hired State Street Global Advisors to manage $17 million in the State Street Daily MSCI Emerging Markets Index NonLending Fund.
Assets will come from liquidating the system's roughly $10 million investment in the GMO Emerging Domestic Opportunities Fund and $7 million in the Allianz Emerging Markets Fund, said minutes from the $422 million defined benefit plan's March 2 board meeting.
GMO spokesman Tucker Hewes declined to comment and Allianz spokeswoman Petra Brandes could not be reached for comment.
At the meeting, the board also agreed to redeem $5 million of its holdings in the State Street Global Advisors Russell 3000 Fund and invest this $5 million into the State Street U.S. Treasury Inflation Protected Securities Index Securities Lending Fund. The system had $182.5 million in the SSGA Russell 3000 Fund as of Jan. 31.
Atiya Jones, retirement plan administrator, did not return a phone call by press time.