Gwinnett County Employees Retirement System, Lawrenceville, Ga., hired Dimensional Fund Advisors to manage $2.9 million in emerging markets equities for its defined contribution and deferred compensation plans.
Funding came from the termination of Invesco. The decision was approved at a board meeting May 25.
Michael Poole, financial manager-debt and investments for Gwinnett County Government, said in a phone interview the change was made due to benchmark and peer-group underperformance. Invesco declined to comment.
Mr. Poole added that Dimensional did not previously manage any other assets for Gwinnett. "Dimensional has a different philosophy and strategy (from Invesco), but (the portfolio) will still be fully emerging markets equities."
He added that its consultant, UBS, conducted the search.
The defined contribution and deferred compensation plans have a total of about $519 million in assets, Mr. Poole said.
"The system also has a defined benefit plan and OPEB plan, but those were not impacted by this decision," he said. "As of March 31, The defined benefit plan was $1.2 billion and the OPEB plan was $176 million."
