Los Angeles County Employees Retirement Association, Pasadena, Calif., will conduct an asset liability study of the $24.76 billion fund over the summer. Frank Russell will do the asset liability study first and then conduct an asset allocation study, said Kenneth Shaffer, CIO. Fund officials decided to expand the scheduled interim review and conduct full studies, partially due to recent actuarial changes, he said. The reviews are not expected to be completed until the fall. Separately, the system has a short list of candidates in its search for managers to run a $350 million domestic high-yield bond portfolio. The candidates are W.R. Huff and Fidelity Management Trust. The board also authorized staff to schedule formal presentations subject to satisfactory on-site visits.