San Bernardino County (Calif.) Employees' Retirement Association hired Wasatch Global Investors and William Blair Investment Management to run $100 million each in active emerging markets growth equities.
The $13.9 billion pension fund's board approved its investment committee's recommendation to hire the managers at its Dec. 2 meeting, said Michael Tamony, pension fund spokesman, in an email.
Funding will likely come from a combination of cash and reductions in the portfolios of current emerging markets equity managers, Mr. Tamony said. He added there are no plans to terminate any managers.
As of Sept. 30, the pension fund's actual allocation to emerging markets equities was 3.7%. Also as of that date, the existing emerging markets equity managers were TOBAM and Mondrian Investment Partners, which ran $348 million and $174 million, respectively, for the pension fund.
Investment consultant NEPC assisted.