Los Angeles County Employees Retirement Association, Pasadena, Calif., hired four managers to run an initial $50 million each for the plans new emerging manager fixed-income program, said Juan M. Almaguer, senior investment officer for fixed income. The $31 billion plan hired MW Post to run a high-yield portfolio; LM Capital, enhanced core; GW Capital, medium-grade; and Hughes, core, Mr. Almaguer said. The managers will be reviewed in two or three years to determine any additional allocations. No further emerging fixed-income manager searches are planned for another five years. The search was conducted in house.