Los Angeles Fire & Police Pension System postponed action on its contract with Amerindo Investment Advisors until next week, said Thomas Lopez, CIO. The $12 billion system is weighing its options after Amerindo's founders, Alberto Vilar and Gary Tanaka, were charged with fraud in late May; Mr. Vilar was indicted by a federal grand jury in New York Thursday. The board wants all members involved in the decision, Mr. Lopez said, noting that some members missed the Thursday meeting. Amerindo runs a $363 million concentrated technology and biotechnology portfolio for the fund.
Separately, the system committed an additional $5 million to Levine Leichtman Capital Partners III, bringing its total investment in the private equity fund to $25 million, Mr. Lopez said. Funding will come from cash.
The board also adopted a hedge fund policy, which included details on the board's approach to investing in funds of funds as well as evaluation, monitoring and hiring criteria. The system previously announced it will begin a search for a hedge fund manager later this summer.