Los Angeles County Employees' Retirement Association, Pasadena, Calif., selected two high-yield bond managers to receive $250 million each. Selected were Loomis Sayles and Oaktree Capital Management. Funding, to be done in stages, will come from a fixed-income index fund run by Bankers Trust. The search was done by staff of the $20 billion fund with help from Frank Russell Co.
Rhode Island State Investment Commission, Providence, committed $20 million to the Blackstone Capital Partners III L.P. for the $4.85 billion State Employees' Retirement System. The additional commitment to alternative investments moves the fund closer to its 7.5% target allocation, said Steve Klamkin, spokesman. The commission has placed $152 million in alternative investments so far, with more expected later this year. Assets are coming from investment income. Pacific Corporate Group assisted.
Machinists' Money Purchase Pension Plan, Fort Lee, N.J., selected Amivest Capital Management to manage its $4.5 million annuity fund, confirmed Lucille Hart, fund administrator. The money will be managed in a balanced fund. The fund formerly was managed by Amalgamated Bank, which will remain as the plan's custodian, said Ms. Hart.