Los Angeles County Employees Retirement Association, Pasadena, Calif., hired MW Post Advisory Group to manage $250 million in high-yield fixed income, said Juan M. Almaguer, senior investment officer, fixed income. Funding comes from terminating Loomis Sayles, which managed $300 million in a similar style, due to performance; the remaining $50 million will go to cash, he said. Chris Lazzaro, vice president, public relations at Loomis Sayles, said the company had no comment.
Separately, the $24 billion pension plan is expected to search for a core bond manager to run $500 million, pending approval by the board on the minimum manager qualifications, Mr. Almaguer said. The $24 billion pension plan terminated the portfolios previous manager, American Express Asset Management, for performance. Todd Wold, spokesman for American Express, did not return calls seeking comment by press time.