Alameda County Employees' Retirement Association, Oakland, Calif., hired William Blair Investment Management to run $300 million in active emerging markets equities.
The $11.4 billion pension fund's board approved the hiring of William Blair at its July 21 meeting, spokesman Michael Fara said in an email.
The pension fund had issued a request for information in December to a preselected group of emerging markets equity managers after investment staff and investment consultant Verus Advisory recommended the search due to significant organizational changes at current emerging markets equity manager Newton Investment Management.
Those changes included the departure of all of Newton's emerging markets equity strategy portfolio managers, according to a Nov. 3 memo to ACERA's investment committee from Thomas Taylor, investment officer. Newton was not invited to rebid.
Baillie Gifford, Fidelity Institutional Asset Management and Wellington Management were the other finalists.
Verus Advisory assisted.
