Ohio State Highway Patrol Retirement System, Columbus, hired Logan Circle Partners to manage about $20 million in active emerging markets debt, said Mike Press, chief investment officer.
The $880 million pension fund issued an RFP in August for its first emerging markets debt manager. Funding comes from the termination of the pension fund's investment in J.P. Morgan Asset Management's Strategic Income Opportunities Fund.
Mr. Press said performance was not a reason for the termination. The portfolio was terminated because of the board's April 2018 decision to add emerging markets debt.
Separately, the board removed Westfield Capital Management from its watchlist. The manager's $17 million active domestic small-cap growth equity portfolio had been on the list for performance reasons.
The pension fund's actual allocations to domestic equity and fixed income were about 31% and 17%, respectively, in mid-June, Mr. Press said.
Investment consultant Clearstead assisted with all actions.