Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Martin Currie to manage about $14 million in active emerging markets equities.
The $275 million pension fund's board approved the manager hire at its June 21 meeting, recently released meeting minutes show.
The pension fund conducted a shortlist search for an emerging markets equity manager following the redemption of its hedge fund-of-funds investment with Pine Grove Asset Management. The reason for the redemption was not provided in the minutes.
Lazard Asset Management was the other finalist.
As of March 31, the pension fund did not have an allocation to emerging markets equities, according to its most recent available investment report.
As of that date, the pension fund had two active international developed markets equity portfolios: a $22 million growth portfolio managed by Renaissance Investment Management and a $21 million portfolio managed by Lazard.
Investment consultant Graystone Consulting assisted.
Debra Tocarchick, executive director, did not reply to requests for further information.
