Kansas City Police Employees' Retirement Systems hired GQG Partners to manage an active emerging markets equities portfolio.
The hiring was part of the retirement system's overall restructuring of its equity portfolio, which the board approved at its Sept. 10 meeting, recently released meeting minutes show.
Investment consultant RVK recommended as part of its equity structure analysis that the board hire GQG and terminate incumbent emerging markets equity manager LSV Asset Management to move to a more growth-oriented portfolio.
A specific asset size for the portfolio was not available.
The board also approved RVK's recommendation to increase the allocation to domestic small-cap equities to 15% of the total equity portfolio from 10%, increase the allocation to emerging markets equities to 10% of the total equity portfolio, decrease passive global large-cap equities to 31% and leave global large-cap growth and value equity allocations to 22% each of the total equity portfolio.
The previous targets to emerging markets equities and passive global large-cap equities were not available.
Current asset sizes for the two pension funds that make up the retirement system were not available. However, as of March 31, the Kansas City Police Retirement System had $829 million in assets and the Civilian Employees' Retirement System of the Police Department of Kansas City had $138 million in assets.
James Pyle, pension systems manager, could not be immediately reached for further information.