Los Angeles County Employees Retirement Association, Pasadena, Calif., hired BlackRock Institutional Trust to manage a passive 50% currency hedge for its $3.7 billion international developed markets equity portfolio, said Lisa Mazzocco, chief investment officer of the $35 billion association.
The hedging strategy is new, adopted by the board following an asset-liability study it completed in June 2009, she said.
Separately, finalists Beach Point Capital Management, Brigade Capital Management and Harch Capital Management are scheduled to be interviewed May 26 for a new opportunistic credit fixed-income portfolio. The board has not yet determined the portfolio size or the funding source. An RFI was issued last year.