Fresno County (Calif.) Employees' Retirement Association hired Pacific Investment Management Co. to run about $110 million in emerging markets debt local currency, confirmed Phillip Kapler, Fresno County's retirement administrator.
Ashmore Group was the other finalist in the shortlist search conducted by Wurts & Associates.
This is the pension fund's first allocation to emerging markets local currency debt. Funding is coming from the November termination of a similarly sized opportunistic fixed-income allocation run by Standish Mellon Asset Management.
Separately, the $3.2 billion pension fund placed Winslow Capital Management on watch for personnel changes, Mr. Kapler said in a telephone interview. Winslow Capital manages about $165 million in active domestic large-cap growth equities.
Also, the pension plan is in the midst of an asset/liability study. Mr. Kapler does not anticipate any potential asset allocation decisions until the summer.