El Paso County Retirement Plan, Colorado Springs, Colo., hired Harding Loevner to manage 7.5% of the total pension fund portfolio, roughly $28 million, in active international equity, said Thomas Pfeifle, executive director of the $367 million pension fund, in an email.
Funding will come from a $19 million reduction to emerging markets equity manager Aberdeen Standard Investments and a $9 million reduction to Vanguard Group's developed markets index strategy, bringing Aberdeen and Vanguard's new totals to about 5% ($18 million) and 7.5% ($28 million) of the total pension fund, respectively.
A search for an international equity manager was launched in early summer. No RFP was issued.
Investment consultant Ellwood Associates conducted the search.