Seattle City Employees' Retirement System hired Pacific Investment Management Co. to manage $50 million in an active emerging markets debt portfolio.
The $3.6 billion pension fund's board approved the hiring at its April 13 meeting, said Jason Malinowski, chief investment officer, in an email.
Pending satisfactory legal review, SCERS will be investing in PIMCO's Emerging Markets External Bond Collective Investment Trust. Mr. Malinowski said.
Funding will come from the termination of a similar portfolio managed by Ashmore Group. Mr. Malinowski could not be immediately reached to provide the reason for the termination.
As of Dec. 31, the actual allocation to credit fixed income was 7%, equal to its target.
Investment consultant NEPC assisted.
