Los Angeles City Employees Retirement System, with $7 billion in assets, renewed its contract with custodian Northern Trust for three years.
The board approved retaining real estate consultant The Townsend Group and directed staff to renegotiate the contract. Currently, LACERS has a $300 million real estate commitment, of which $180 million is funded.
It also directed staff to renegotiate its contract with Lincoln Capital, which manages a $550 million passive Lehman Aggregate Bond index portfolio.
The board also agreed to reassign L&B Realty Advisors $7 million real estate contract from its previous parent company, United Asset Management, to its new parent, Old Mutual. And it approved assigning Loomis Sayles $700 million contract from its former parent company, Nvest, to its new parent company, CDC Asset Management.