Cambria County Retirement Fund, Ebensburg, Pa., hired Fidelity Investments to manage about $5 million in passive international equities.
The $222 million pension fund's board approved the hiring at its Nov. 28 meeting, recently released meeting minutes showed.
Funding comes from the termination of Mondrian Investment Partners, also approved at the Nov. 28 meeting, which managed about $5 million in active international value equities. Investment consultant Marquette Associates recommended the changes to provide more exposure within international equities and pay lower fees, and said terminating one of the pension fund's two active international value equity managers and moving to a passive portfolio would provide that. The other active international value equity manager is Schroders. The minutes did not provide a specific reason for terminating Mondrian over Schroders.
As of Dec. 31, 2022, the pension fund's actual allocation to international equities was 30.9%, according to its most recently released annual report.
