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Pension Funds

San Francisco drops Mondrian emerging markets strategy

San Francisco City & County Employees' Retirement System's board approved terminating Mondrian Investment Partners from its $222 million active emerging markets equity strategy, said executive assistant Darlene Armanino in an email.

The $25.1 billion pension fund's board voted on Wednesday to terminate Mondrian due to underperformance. Paul M. Ross, Mondrian president, was not immediately available to provide comment.

SFERS did not specify how the assets would be reallocated but the board had approved hiring Cartica Management at its July 10 meeting to run $300 million in active emerging markets equities, according to board meeting minutes.

As of July 31, the actual allocation to emerging markets equities was 3.3%. Dimensional Fund Advisors runs two active emerging markets equities portfolios for the pension fund: a $240 million core portfolio and $203 million small-cap portfolio. Wellington Management runs a $163 million active emerging markets equity portfolio.