Los Angeles County Employees’ Retirement Association staff, at board meetings in February and May, will propose investment plans for international equities, alternative investments and real estate, said Ken Shaffer, chief investment officer at the $30.6 billion system. The moves are aimed at implementing the asset allocation study conducted last summer, he said.
Under a new fixed-income policy approved by the board last month, international fixed income will be part of the plan’s larger fixed-income portfolio, rather than a separate asset class, Mr. Shaffer said.
Another policy, approved in December, calls for more emerging fixed-income managers that would run smaller amounts of money than is currently the case. Although the plan long has used a manager-of-mangers approach for emerging equity managers, the bond managers will be chosen individually. Staff is expected to propose a plan implementing this policy in the first quarter, Mr. Shaffer said.
