Anne Arundel County Retirement and Pension System, Annapolis, Md., hired Hardman Johnston Global Advisors to run $110 million in active international growth equities and Axiom Investors to run $80 million in active emerging markets growth equities.
The $1.9 billion pension fund’s board approved the manager hires at its April 20 meeting, said Anne M. Budowski, the county’s acting personnel officer, in an email.
Investment consultant NEPC recommended Axiom to complement the pension fund's existing emerging markets equity portfolio managed by Dimensional Fund Advisors and Hardman Johnston to provide further balance between growth and value strategies, Ms. Budowski confirmed.
Partial funding comes from the termination of Segall Bryant & Hamill from its $96 million active international small-cap equity portfolio because of NEPC’s recommendation to move to a growth manager, Ms. Budowski said. Remaining funding comes from rebalancing.