Los Angeles County Employees Retirement Association, Pasadena, Calif., will add a $1 billion enhanced domestic core fixed-income portfolio, said Juan Almaguer, principal investment officer, public markets. Funding will come from cutting the $32 billion fund's core and high-yield portfolios over time, he said.
The fund is also adding $100 million to $300 million in active domestic corporate governance equity mandates, he said. Funding will come from reducing the association's $8 billion passive domestic equity portfolio, which is managed by BGI. Proposals will be due Feb. 28, with a selection expected in July.
Also, the board on Feb. 8 is expected to choose one or two managers to run a $600 million active EAFE portfolio. The finalists are incumbent Capital Guardian as well as Acadian Asset Management and LSV Asset Management.