The nation’s largest public pension fund has selected four investment firms to oversee $1 billion of the programs assets that are invested in emerging market funds.

The California Public Employee’s Retirement System, known as CalPERS, picked AllianceBernstein, of New York, Capital Guardian Trust Company, of Los Angeles, Dimensional Fund Advisors, of Santa Monica, Calif., and Genesis Asset Managers, of London, to manage the assets.

The decision comes after a review more than a year ago of the pension’s standards for investing internationally, which resulted in, among other factors, a higher standard of political stability for countries where California workers invest their assets.

A CalPERS investment committee is expected to decide on a list of countries in which to invest in February and will then pass that information on to the four management firms for consideration.

Agreements with the managers are still pending final contract negotiations, CalPERS said.

The pension fund holds assets of about $147 billion and serves more than 1.2 million workers in public agencies throughout the state.

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