Los Angeles Fire & Police Pension Plan hired Townsend as the $12.3 billion plan's real estate consultant, said Tom Lopez, CIO. The plan's replaced Ronald A. Karp, which is getting out of the real estate consulting business, Mr. Lopez said.
Separately, the system is searching for a separate account manager to run Treasury inflation-protected securities for the $12.3 billion plan, said Mr. Lopez. The size of the portfolio hasn't been determined. 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. Consultant Pension Consulting Alliance is assisting, Mr. Lopez said.