Los Angeles Fire & Police Pension Plan is searching for a separate account manager to run Treasury inflation-protected securities for the $12.3 billion plan, said Tom Lopez, CIO. The size of the portfolio hasn't been determined. Consultant Pension Consulting Alliance is assisting. A selection is expected by the end of the first quarter. Funding will come from reducing the plan's $2.8 billion fixed-income portfolio; no terminations are planned. Fund officials are adding TIPS because their duration matches that of the fund's liabilities.
Separately, Townsend was hired as the plan's real estate consultant, replacing Ronald A. Karp, which is getting out of the real estate consulting business, Mr. Lopez said.