The Los Angeles County Employees Retirement Association, Pasadena, Calif., postponed a search for a general investment consultant while the SEC completes its review of the consultant industry, said Lisa Mazzocco, deputy CIO. Officials at the $26 billion plan have not decided when the search will resume. Incumbent Frank Russell can rebid.
Separately, fund officials in a couple of months expect to search for an active domestic small-cap core equity manager to run $200 million. The portfolio's current manager, Capital Guardian, will be invited to rebid. Plan officials have "concerns over performance," Ms. Mazzocco said. Jennifer Grigas, media specialist with Capital Guardian, said the company does not comment on client relationships.