CalPERS Names Emerging Markets Managers

January 24, 2002 ( - Four investment firms made it through a long selection process to be tapped by the California Public Employees' Retirement System (CalPERS) to actively manage up to $1 billion of emerging market assets.

The investment firms include:

· AllianceBernstein, New York City
· Capital Guardian Trust Company, Los Angeles, California
· Dimensional Fund Advisors, Santa Monica, California
· Genesis Asset Managers Ltd, Knightsbridge, London.

However, because CalPERS is still finishing a study about where and how the money should be invested, the emerging markets commitment won’t be funded right away, officials said. The CALPERS Board of Directors ordered the study 14 months ago.

In other emerging markets deliberations, CalPERS has expanded the six-item set of criteria it uses to make emerging markets investment decisions. It added a higher standard of political stability as well as financial transparency and labor standards.

The original factors include:
· market liquidity and volatility
· market regulation and investor protections
· capital market openness
· settlement proficiency
· transaction costs
· political stability.

Finally, the CalPERS Investment Committee will consider in February country rankings that will dictate whether or not the fund can invest in a particular area of the world.