Los Angeles City Employees' Retirement System hired Attucks Asset Management to run $25 million in a domestic equity emerging manager fund of funds for the $8.9 billion system. 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.
Separately, the 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.