US - The US$210bn California Public Employees' Retirement System (CalPERS) has appointed 11 active international equity managers to manage portfolios in developed and emerging markets.
Split into two pools, the appointments will enable CalPERS to optimise its international equity portfolio and quickly add new managers where necessary, the fund said.
The pools do not replace its current international equity and emerging market managers.
Seven investment firms were selected for the international developed markets pool: Axa Rosenberg, Batterymarch Financial Management, Fidelity Management Trust Company, Goldman Sachs Asset Management, PanAgora Asset Management, State Street Global Advisors and The Boston Company.
For the pool of emerging markets, CalPERS selected: Batterymarch Financial Management, Lazard Asset Management, Pictet Asset Management, and Robeco Institutional Asset Management.
Rob Feckner (pictured), CalPERS board president, said the managers had been selected from 48 qualifying proposals.
We believe they will help to enhance the performance of our global investments,” he added.
The CalPERS Board also renewed the contracts of four external high yield managers for a period of one year. These were Highland Capital Management, ING Ghent Asset Management, Nomura Asset Management Inc and Pacific Investment Management Company.
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