Los Angeles County Employees Retirement Association, Pasadena, Calif., will issue RFPs for two active domestic fixed-income managers, one core and the other enhanced core, said Juan M. Almaguer, senior investment manager for fixed income. Officials for the $24 billion system have not determined portfolio sizes. The RFPs will be on the systems website, www.lacera.com, on Wednesday. Further details were not available by press time.
Funding will come from terminations announced earlier this year: American Express, which ran $500 million in core fixed income; and enhanced core managers J.P. Morgan Fleming, which ran $850 million, and Loomis Sayles, $725 million. All three managers can rebid, Mr. Almaguer said.
Separately, LACERA officials rehired Mellon Bank as provider for the $1.5 billion international equity component of its securities lending program, which has a total of $12 billion in lendable assets.
The system also committed $10 million to Falcon Mezzanine Partners, said Christopher J. Wagner, investment officer, alternative assets. Funding will come from cash.