US - The US$13.1bn San Francisco Employees Retirement System (SFERS) has awarded Ashmore Investment an emerging market equities mandate worth $120m. Ashmore head of research Jerome Booth (pictured) said there was strong demand from institutional investors for emerging equity products, particularly from larger institutional investors.
“The key to investing well in emerging markets is active management of country risk,” he said.
Booth added that pension funds were being driven to invest in emerging markets by unfunded liabilities, unappetising returns in major markets and global liquidity.
Angeles Investment Advisors was the consultant during the search process.
SFERS were not immediately available for comment.
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