Pontiac (Mich.) General Employees' Retirement System hired Wellington Management and Northern Trust Asset Management to run a total of $20 million in emerging markets equities, confirmed Deborah Munson, executive director.
The $502 million pension fund issued an RFP in March following the creation of a 5% target allocation to the asset class. Wellington will run a $12 million active portfolio and Northern Trust will run an $8 million passive portfolio.
According to June 27 meeting minutes, funding will come from reductions in international equities, which is overweight.
ARGA Investment Management was the other finalist.
Investment consultant Dahab Associates assisted.
