Merced County (Calif.) Employees' Retirement Association hired new active international equity and emerging markets equity managers to run a total of $154 million.
The $866 million pension fund hired First Eagle Investment Management and GQG Partners to run about $43 million each in active international equities. Artisan Partners and RWC Partners will manage $48 million and $20 million, respectively, in active emerging markets equities, said Kristen Santos, retirement administrator, in an email.
Funding for the hires comes from the terminations of Mellon Investments from an $86 million active international equity portfolio and Wells Fargo Asset Management from a $68 million active emerging markets equity portfolio. The terminations took place in closed session and a reason was not provided, Ms. Santos said.
As of Sept. 30, the actual allocations to international equities and emerging markets equities were 20.1% and 7.8%, respectively.
Investment consultant Meketa Investment Group assisted.