The Los Angeles County Employees Retirement Association, Pasadena, Calif., approved an allocation of up to 3% of assets to active commodity futures, said Lisa Mazzocco, CIO. The $32.2 billion fund will hire two to three investment managers to run an as-yet unspecified amount. Funding will come from the $11.8 billion domestic equity portfolio, but no specific manager or strategy has been identified for reduction, she said. The allocation is being made for diversification. Manager selections are expected in the first half of 2007.