Los Angeles City Employees' Retirement System will search for transition managers to establish a pre-approved list of providers, said Wayne Ige, investment officer. Further details have not been determined.
The board of the $8.9 billion system also hired Attucks Asset Management to run $25 million in a domestic equity emerging manager fund of funds. Funding came from reducing S&P 500 index funds managed by BGI and RhumbLine that have a combined $1.6 billion.
The board also placed Pacific Financial Research on probation for six months because of lagging performance. The firm manages $257 million in active domestic large-cap value equities for the fund. Michael Sandler, vice president of Pacific Financial Research, could not be reached by press time.