The Los Angeles County Employees' Retirement Association, Pasadena, retained one active domestic enhanced core fixed-income manager, hired another and promoted a third from emerging manager status, said Juan M. Almaguer, principal investment officer for the $26.5 billion fund. Loomis Sayles was retained for a $760 million portfolio, and PIMCO was hired to manage $850 million. LM Capital will get an additional $450 million; it already was managing $60 million under the fund's fixed-income emerging manager program, Mr. Almaguer said.
Funding came from terminating J.P. Morgan Fleming, which managed $850 million, and Morgan Stanley Asset Management, which ran $860 million. Fund officials are in the process of developing a plan for the remaining assets; the board is expected to decide in January.