Alameda County Employees’ Retirement Association, Oakland, Calif., hired ARGA Investment Management to run about $300 million million in active emerging markets equities.
The $12.3 billion pension fund’s board approved the hiring at its March 20 meeting, a webcast of the meeting shows.
The pension fund issued a request for information in September following the completion of an asset allocation study by new general investment consultant NEPC. The target to international equities was unchanged at 24%.
The search itself was a result of an earlier change recommended by previous investment consultant Verus Advisory and approved in February 2023 that altered the pension fund’s international equity structure, increasing the target to emerging markets to 28% from 10% of the overall international equity portfolio. At the time, the board approved a future search for a second emerging markets equity manager to complement current emerging markets equity manager William Blair & Co.
The specific funding source was not provided. The other finalists were ABS Global Investments, Acadian Asset Management and Pzena Investment Management.
As of Sept. 30, the actual allocation to international equities was 25.1%.
NEPC assisted with the search.
