Maryland-National Capital Park & Planning Commission Employees' Retirement System, Riverdale, Md., hired PGIM Fixed Income to run about $49 million.
The $981 million pension fund's board approved hiring PGIM to run its hard/local currency blend strategy at its Dec. 3 meeting, recently released minutes show.
Other finalists for the pension fund's shortlist search were Payden & Rygel and TCW Group.
The pension fund adopted a 5% target allocation to emerging markets debt and approved the search at its July 9 meeting, according to prior meeting minutes. The funding source could not be immediately learned.
Investment consultant Wilshire Associates assisted.
Andrea L. Rose, administrator, could not be immediately reached to provide further information.
