Los Angeles County Employees Retirement Association, Pasadena, Calif., selected four finalists in its search for three to four managers to run $50 million each in a fixed-income emerging manager program, said Juan M. Almaguer, senior investment analyst, fixed income, for the $33 billion plan. They are PENN Capital Management, a high-yield manager; Dolan McEniry Capital Management, an enhanced core manager; and core managers Pugh Capital Management and Hughes Capital Management. Funding will come from reducing a $500 million Lehman Aggregate index account managed by Barclays Global Investors, he said. The board expects to select managers at its April 27 meeting.
Separately, the fund was 82.8% funded as of June 30, 2004, according to the latest actuarial valuation by actuary Milliman. The fund was 87.2% funded as of June 30, 2003, its last valuation. The fund experienced actuarial losses despite a $1 billion gain in 2004 because of its three-year smoothing practice, said Greg Rademacher, assistant executive officer.
