Los Angeles County Employees Retirement Association, Pasadena, Calif., terminated Oak Associates, which managed $380 million in active domestic large-cap growth equities, for performance, said Lisa Mazzocco, the system's CIO. The money will be transferred to a $440 million Russell 1000 Growth index fund run by Barclays Global Investors, she said. Fund officials have not determined whether they will search for a new active large-cap growth manager. A spokesman for Oak Associates declined to comment.
Separately, the board of the $32 billion system approved reducing its high-yield allocation to 7% from 15%, said Juan M. Almaguer, principal investment officer, fixed income. Currently, the fund has four high-yield managers: WR Huff, Oaktree Capital Management and Post Advisory, managing $450 million each; and emerging manager PENN Capital Management, with $50 million. The board reduced the strategic high-yield allocation to bring it in line with the market weighting. Further details were not available.