Los Angeles County Employees Retirement Association approved an RFP for a nondollar bond manager for the $24 billion fund. Funding for the $500 million allocation will come from Capital Guardian and Brinson Partners, both of which will bid.
The RFP is expected to go out this week and proposals are due Nov. 20.
A short list should be ready in February and a selection made in March, said Juan Almaguer, investment officer for fixed-income with LACERA.
The search is primarily staff-directed, with Frank Russell assisting.