City of Atlanta Pension Investment Board hired Goldman Sachs Asset Management to run a total of $90 million in active emerging markets equities and Brown Capital Management to run a total of $60 million in active international small-cap equities.
The board, which oversees the city's three pension funds, approved the hirings at its Nov. 17 meeting, recently released meeting minutes show.
According to the minutes, GSAM was hired to complement existing emerging markets equity manager EARNEST Partners. GSAM will run $40 million for the $1.9 billion Atlanta General Employees' Pension Fund and $25 million each for the $1.5 billion Atlanta Police Officers' Pension Fund and $917 million Atlanta Firefighters' Pension Fund.
The minutes did not provide a reason for hiring Brown Capital, which will run $30 million for the general employees fund and $15 million each for the police officers and firefighters funds.
Specific funding sources were not provided.
As of Nov. 30, the actual allocations to international equities were 20.1%, 27.7% and 26.5%, respectively, in the general, police officers and firefighters funds.
Investment consultant Marquette Associates assisted.
Amanda Sue Rouser, retirement benefits adviser, could not be immediately reached for further information.
