Allegheny County Employees' Retirement System, Pittsburgh, hired Maplewood Capital as an emerging manager to run $1 million in a global macro strategy, said Walter Szymanski, manager for the $945 million pension fund.
Funding will come from cash. The system's emerging manager program may invest up to 7.5% of the total investment portfolio in managers that meet the program's criteria. The retirement system has a program seeking emerging and minority- and women-owned investment managers.
PFM Advisors assisted with the search.
The investment was made at the system's Nov. 15 board meeting, Mr. Szymanski said.