At the July 14 meeting, the Dallas Police & Fire Pension System selected MetLife to manage approximately $70 million as the replacement for previous emerging markets debt manager, Ashmore.
Seven candidates were identified for the search with the assistance of investment consultant, Meketa. The seven candidates included Ashmore, MetLife, Neuberger Berman, Payden & Rygel, PGIM, TCW, and Wellington. MetLife and TCW were the two finalists of the search.
The search was initiated in March after reviewing underperformance from the Ashmore Blended EMD strategy. It was also approved to terminate the relationship with Ashmore, according to an audio recording from the meeting.
As of July 8, 2022, the $1.9 billion Pension System targets a 4% allocation to emerging markets debt, while they currently allocate 3.3% to the asset class.
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