Indiana chooses PIMCO for emerging markets debt
Pension fund also allocates $175 million to alternatives
Indiana Public Retirement System, Indianapolis, hired
Pacific Investment Management Co. to run about $313 million in active emerging markets debt for its $34.8 billion defined benefit plan, the retirement system disclosed in an investment report included with materials for its board meeting Friday.
The system issued an RFP in March due to concerns with the performance of incumbent emerging markets debt manager Stone Harbor Investment Partners. The firm, which did submit a proposal according to a spokesman, was terminated effective Dec. 4, the same day as the new hiring.
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The world’s second-largest economy would be off-limits for investment by Indiana’s public pension funds under legislation approved Thursday by a House committee.
The NIRS notes that the markets rebounded better this year after the COVID-19 pandemic hit than they did during the 2008 Great Recession. “However, there are concerns that cash-strapped governments will cut back on funding required contributions to public pension plans,” the institute says in the report.
The collection of funding actions that the report summarizes run the gamut from implementing a wholesale funding strategy for a large statewide plan to more targeted reforms that simply increase participating employers’ control of how costs are paid over time. These innovative strategies extend well beyond the oft-cited annual required contributions or actuarially determined employer contribution (ADEC).
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