Howard County Retirement Plans, Ellicott City, Md., hired ARGA Investment Management to run about $25 million in active emerging markets value equities.
The joint committee for the Howard County Retirement Plan and the Howard County Police and Fire Employees' Retirement Plan approved the hiring at its Oct. 29 meeting, recently released meeting minutes show.
The pension fund conducted a shortlist search to replace Dimensional Fund Advisors as its emerging markets value equity manager, according to the minutes. The reason for Dimensional's termination was not provided.
The two plans have a combined $1.2 billion in assets. As of Sept. 30, the plans' actual allocation to emerging markets equities was 6.3%.
Investment consultant NEPC assisted.
Mark S. Miller, county spokesman, could not be immediately reached for further information.