US - The giant $11bn San Francisco Employees' Retirement System (SFERS) has appointed Ashmore Investment Management to handle a new $75m mandate in emerging market local currency and debt.
Dick Piket, senior investment officer at SFERS, added: “We decided to invest in emerging market local currency debt for the first time as it adds to our fixed income portfolio a strategic allocation with strong diversification benefits and high returns.”
Commenting on the award, Ashmore MD Mark Coombs, said: “Emerging market debt offers strong diversification benefits for investors, is less volatile than US, European or any other equities, delivers higher returns than global equities, and can reduce overall portfolio volatility due to the weak correlations with major asset classes.
“The local currency strategy is becoming an increasingly appreciated strategy to complement the dollar-denominated strategy in emerging market debt.”
SFERS used Angeles Investment Advisors to aid the search.
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