Los Angeles County Employees' Retirement Association, Pasadena, expects to recommend a search by November for a European equity manager to manage $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.
International Paper Co., Purchase, N.Y., hired managers for two new asset classes, said Robert Hunkeler, vice president and director of investments.
The $4 billion pension fund hired Oaktree Capital Management and W.R. Huff Asset Management as domestic high-yield fixed-income managers and PIMCO and Fischer, Francis, Trees & Watts as international bond managers, he said.
Mr. Hunkeler declined to disclose the amount, but earlier this year had said each asset class would get about 4% of total assets.
Funding came from shaving allocations to other managers, he said.
BARRA RogersCasey assisted.
First Data, Hackensack, N.J., hired Westpeak Investment Advisors and Westport Asset Management as small-cap equity value managers, said Bruce Avery, vice president and assistant treasurer of the $650 million plan. Each will manage $25 million.
The hirings were the result of an asset allocation study, said Mr. Avery. He would not discuss the funding source.
Towers Perrin assisted.