Santa Barbara County (Calif.) Employees' Retirement System will launch a search in the fall for an active emerging markets debt manager to run about $102 million, said Lauren Thompson, assistant CEO, in an email.
The $3.1 billion pension fund will issue an RFP in the fall due to the underperformance of current manager Stone Harbor Investment Partners; the manager will be invited to rebid, Ms. Thompson said. A spokesman for Stone Harbor could not immediately provide comment.
A timeline for the RFP has yet to be determined. The RFP will be posted on SBCERS' website sometime in the fall.
As of May 31, the pension fund's non-core fixed-income allocation was 9%; the target is 11%.
Investment consultant RVK will assist with the search.