Ohio foundation considers hiring VTL

COLUMBUS, Ohio — The Ohio Tobacco Use Prevention and Control Foundation is considering hiring VTL Associates as a general consultant to replace The Consulting Group. Merle Madrid, a spokesman for Ohio state Treasurer Joseph Deter, the acting fiduciary of the $300 million foundation, said the switch is being considered because Vince Lowry, the fund's main consultant, left The Consulting Group last month to launch VTL. Mr. Madrid said foundation officials would decide whether to make a change at the beginning of next year.

LOS ANGELES — Los Angeles Water & Power Employees' Retirement Plan officials are expected to select finalists on Dec. 15 in the $5.9 billion plan's search for a new general investment consultant. The consultant would help the board establish an investment strategy or choose investment managers for the fund's new 4% allocation to real estate and 5% allocation to alternative investments, in addition to other general consulting duties on a retainer basis, according to the RFP. Proposals are no longer being accepted. A selection is expected on Feb. 18. Pension Consulting Alliance, the current general consultant, can rebid.

NEW ORLEANS — The board for the New Orleans City Employees' Retirement System renegotiated its fee structure with consultant Morgan Stanley, said Jerry Davis, chairman. The $380 million pension plan agreed to pay an additional two basis points on its first $300 million in investments in recognition of the additional expertise and resources required to review its $25 million alternatives portfolio, which includes hedge funds and private equities. Mr. Davis declined to provide further information. He added that he's assessing alternative investment options to meet the fund's 10% alternatives target.