Kansas City Employees' Retirement System is changing its $52 million manager of emerging managers program to a global equity focus, said Barbara Davis, executive officer.
The $1.3 billion pension fund's board approved changing the program to a global small-cap equity focus from domestic large-cap equities and domestic small-cap equities, Ms. Davis said. The size of the manager of emerging managers program — about 4% of total fund assets — will not be affected, she said. Northern Trust Asset Management is the manager of managers, and she said it has not been decided whether the change in style will involve a manager change.
Investment consultant RVK recommended the change because they believe it would enhance the returns for the program, she said.
