Los Angeles County Employees' Retirement Association, Pasadena, Calif., hired Acadian Asset Management to manage $500 million in active EAFE equities, said Juan Almaguer, principal investment officer, public markets. Funding will come from reducing a $700 million active EAFE portfolio managed by Capital Guardian. The board of the $32 billion fund decided to divide the mandate between two managers for greater diversification.
Separately, LACERA officials will fund a new $1 billion domestic enhanced core fixed-income portfolio by reducing the fund's high-yield allocation to 7% of assets from 15% and liquidating a $400 million enhanced Lehman Aggregate index bond account managed by BGI. An RFP will be issued as early as Feb. 21 Proposals would be due March 17, with a selection in July or August.