Los Angeles County Employees Retirement Association, Pasadena, Calif., put Allmerica Asset Management, Merrill Lynch Asset Management and Western Asset Management on its shortlist for a cash manager to handle $1 million. The $27 billion fund is replacing incumbent Scudder Kemper due to personnel turnover, said Juan M. Almaguer, senior investment officer for fixed income at LACERA.
This year, Scudder Kemper executives decided to move most of the firms fixed-income activity previously centered in San Francisco, Boston and Chicago to Chicago, said Ed Canaday, vice president of Scudder Kemper. Emerging-market debt and municipal bond managers will remain in Boston, he said. We have a very deep and experienced cash management team in Chicago and we are confident we will continue to be successful, Mr. Canaday said.
The board is expected to choose a manager by the end of the summer, Mr. Almaguer said.