Los Angeles Water & Power Employees Retirement Plan is expected to issue RFPs at the end of the month for a new slate of investment managers, said Daniel Marisola, board vice president. The new hires will have full investment discretion; currently, the $6 billion fund uses investment advisers.
Until new managers are hired, current advisers TCW and The Boston Co. have been granted discretion beginning July 1. Also, Highmark Capital resigned as an investment adviser; the $1.5 billion on which it advised was transferred to Boston Co.
Pension Consulting Alliance will assist.