Los Angeles County Employees Retirement Association, Pasadena, Calif., picked UBS Asset Management, IDS Advisory Group, Western Asset Management and Loomis Sayles as core bond managers with an emphasis on corporate bonds.
Pending contract negotiations, UBS will get $750 million and the others will receive $250 million each. Funding will come from an ongoing restructuring of the $20 billion fund's portfolio. Frank Russell Co. assisted the fund's staff in making the selections, said Juan M. Almaguer, investment officer for fixed income.
