Los Angeles Water & Power Employees' Retirement Plan approved issuing an RFI for a custodial bank, said Sangeeta Bhatia, assistant retirement plan manager. Incumbent custodian Bank of New York can rebid. Ms. Bhatia did not provide further details.
Separately, the $6 billion system placed international equity managers MFS and INVESCO on watch because of market-timing allegations against the firms, Ms. Bhatia said. MFS manages $250 million for the plan; INVESCO was hired to manage $270 million, but the portfolio has not yet been funded. David Oliveri, MFS spokesman, and Bill Hensel, spokesman for INVESCO parent AMVESCAP, would not comment.