Los Angeles County Employees' Retirement Association, Pasadena, expects to recommend a search by November for a European equity manager to which it would allocate $300 million, said Kenneth Shaffer, CIO.
Morgan Grenfell Asset Management, terminated nearly two months ago, had managed $300 million in European equities for the $25 billion fund.
``Staff turnover and performance'' were the reasons for the termination, said Mr. Shaffer. Frederick Devlin, executive vice president at Morgan Grenfell, was traveling and could not return calls by deadline.
LACERA currently has $3.5 billion in international equities.
LACERA's other European equity manager, Phillips & Drew, runs $300 million, Mr. Shaffer said.
Frank Russell Co. will assist.