Los Angeles County Employees Retirement Association, Pasadena, Calif., has approved a shortlist of 18 emerging fixed-income managers, said Juan A. Almaguer, senior investment officer, fixed income. Proposals are due July 6. Neither the number of managers to be hired nor the amount of assets to be managed has been determined, he said.
The $31 billion plan also is planning an invitation-only search for emerging alternatives managers to run $5 million to $10 million each, said Christopher J. Wagner, investment officer for alternative assets. The emerging alternatives manager program target is $65 million. Staff plans to hire managers each year for two or three years until this target is reached, he said.