The $9.4 billion Los Angeles City Employees' Retirement System terminated Pacific Financial Research, which managed $623 million in active domestic large-cap value equities, for organizational changes, and Oak Associates, which managed $218 million in active domestic large-cap growth equities, for performance, said Robert Aguallo Jr., general manager.
Half the money from the Pacific Financial portfolio will be put in a Russell 1000 Value index fund run by existing manager Barclays Global Investors; the other half will go to an active domestic equity portfolio run by existing manager Aronson + Johnson + Ortiz. Oak's portfolio will be managed by Alliance Capital, which already runs an active domestic equity portfolio for the fund.
Separately, the board hired Donald Smith & Co to manage $90 million and PanAgora to manage $150 million, both in active domestic small-cap value equities. Funding came from cash.
Also, the board committed $40 million to CIM Urban REIT; $25 million to CB Richard Ellis Strategic Partners IV; $10 million UrbanAmerica Fund II; and $8 million to Sterling Venture Partners II.