Los Angeles Water and Power Employees Retirement Plan dropped LSV Asset Management as a finalist in its search for one or two large-cap value equity managers and added MFS and Merrill Lynch, said Duamel Vellon, retirement plan manager for the $5.2 billion system. LSV was dropped after the board reviewed the managers qualifications. Officials at LSV were not available for comment by press time.
The existing finalists for the $325 million mandate, chosen in early May, are: Capital Guardian Trust; Wellington; T. Rowe Price Group; Barrow Hanley; State Street Global Advisors; and Bear Stearns Asset.
All the finalists will make presentations to the board in June.