Tampa (Fla.) General Employees' Pension Fund hired Redwheel to run about $37 million in active emerging markets equities.
The $770 million pension fund's board approved the hiring at its Sept. 12 meeting, said Dana Blydenburgh, pension plan supervisor.
The pension fund conducted a shortlist search due to "qualitative concerns" with current emerging markets equity manager abrdn, according to July 18 board meeting minutes. Blydenburgh would not provide further information.
Axiom Investors was the other finalist.
An abrdn spokesperson could not be immediately reached for comment.
As of Aug. 31, the pension fund's actual allocation to emerging markets equities was 4.7%; the target is 6%.
Investment consultant Asset Consulting Group assisted.