Minnesota SBI Retains Fidelity as Emerging Markets Equity Manager

Following a manager search and selection process, the Minnesota State Board of Investments (SBI) is retaining Fidelity Institutional Asset Management as its active emerging markets equity manager, per materials from the pension’s November 20 board meeting.

The pension said it selected Fidelity out of a final pool of six candidates, with consultants Aon and Meketa assisting in the process. The Minnesota board initiated the manager search to fulfill allocation targets for its emerging markets portfolio after it had terminated two active emerging markets managers in separate decisions earlier this year. The pension is targeting a 75% to 80% weight for the portfolio, and as of September 30, its active managers accounted for 61% of the asset portfolio after the active emerging markets manager terminations.

Per the latest Dakota data, Minnesota SBI holds approximately $138.2B in total plan assets.