Macomb County Employees' Retirement System, Mount Clemens, Mich., hired ABS Investment Management to run $30 million in active emerging markets equities, recently released board meeting minutes show.
The $943 million pension fund had conducted a shortlist search for its first active emerging markets equities managers, to run about 3% of the pension fund's assets if one manager was selected or a total of 5% of assets if two managers were selected.
The board at its May 9 meeting selected ABS as the sole active emerging markets equity manager. Funding comes from reductions in two other unidentified portfolios.
Investment consultant AndCo Consulting assisted.
Stephanie Dobson, retirement administrator, was not available to provide further information by press time.