The $4 billion Rhode Island Retirement Systems, Providence, approved an investment of up to $10 million in the OCM Opportunities Fund, a limited partnership managed by Oaktree Capital Management. The fund will invest in distressed debt, said spokesman Steve Klamkin. The assets will come from a 5% alternative investment allocation.
The $6.5 billion Los Angeles Fire & Police Pension System hired Boston Partners Asset Management to manage a $500 million core value equity allocation. The assets were part of an allocation of $650 million previously managed by Boston Co. Asset Management, which was terminated when several managers left to start Boston Partners. Watson Wyatt Worldwide assisted.
The $1.9 billion Michigan Municipal Employees' Retirement System, Lansing, hired ARM Capital Advisors, Western Asset Management and Reams Asset Management. Each will manage $165 million in domestic fixed income, said a spokeswoman for the fund. They replace two other fixed-income managers for the fund, CSI Asset Management and Boston Co. Asset Management. CSI was terminated when it was absorbed by Prudential Global Advisors. Boston Co. was terminated for performance reasons. A Boston Co. spokeswoman said the company won't comment on clients. No other searches are planned. Merrill Lynch Consulting Services assisted.
The $500 million pension fund for the NFL Players Association, Washington, hired Numeric Investors to manage a $22 million small-cap equity account, said Mickey Yaris-Davis, director of benefits.
Assets came from Ariel Capital Management, which was terminated because of poor performance, said Ms. Yaris-Davis.
The $90 million City of Brockton (Mass.) Contributory Retirement System hired Metric Realty to run approximately $1 million in residential real estate. Assets came from cash flow