Baltimore City Fire & Police Employees' Retirement System hired Fidelity Institutional Asset Management and UBS Asset Management to run about $80 million each in active emerging markets equities.
The $2.8 billion pension fund's board approved the new managers at its Feb. 18 meeting as well as the termination of the pension fund's sole emerging markets equity manager LMCG Investments, which ran about $160 million, recently released board meeting minutes show.
The reason for the termination was not provided.
As of Feb. 29, the actual allocation to emerging markets equities was 6.3%; the target is 6.5%.
Investment consultant NEPC assisted.
Amy E. Baskerville, pension fund spokeswoman, could not be immediately reached for further information.