The Los Angeles County Employees Retirement Association, Pasadena, Calif., took a $560 million large-cap equity portfolio from Capital Guardian.
Assets will be moved to index manager Bankers Trust. It hasn't been decided to what index style the money will be assigned.
The change resulted from an ongoing fund restructuring that is being directed by fund staff with assistance from consultant Frank Russell Co. Capital Guardian still manages $790 million in international and emerging markets equities for the $20 billion fund and is a candidate for a new $740 million fixed-income assignment. Capital Guardian officials declined to comment.