Los Angeles County Employees Retirement Association, Pasadena, Calif....

Los Angeles County Employees Retirement Association, Pasadena, Calif., exempted Northern Trust Global Advisors from following the $26 billion system's emerging manager program selection criteria so that the manager of managers could hire Magee Thompson Investment Partners to run an undetermined amount of the program's assets. Under LACERA's domestic equity emerging manager selection criteria, the assets of a single client may not comprise more than 50% of a subadviser's total assets under management; 73% of Magee Thompson's AUM comes from one client. LACERA officials declined to name the client. NTGA runs $200 million for the association as an emerging manager. The exemption is a one-time occurrence, according to the system's website.