Cornwall County Council Pension Fund, Truro, England, hired Advance Emerging Capital and HSBC Global Asset Management (U.K.) to run £30 million ($49 million) each in frontier markets equities, according to a posting on Tenders Electronic Daily, a procurement website.
The two managers are the £1.3 billion pension fund's first frontier markets equity managers. The pension fund conducted a search in May following an asset allocation review that was completed in July 2012.
At the time of the search, Matthew Trebilcock, deputy head of treasury and pensions, said funding would likely come from a manager running an active global equities portfolio but declined to name the manager.
Investment consultant bfinance assisted.
Mr. Trebilcock was not available to provide further information by press time.