(updated with correction)
Los Angeles City Employees Retirement System rehired TT International, which manages $123 million in active international equities, but is keeping the firm on watch for performance, Linda Aparicio, public information officer for the $9.9 billion system, wrote in an e-mail response to inquiries.
TT International's contract was set to expire May 31, according to an attachment to the agenda for the May 25 board meeting.
TT was renewed on three-year contract. However, the board has the right to terminate the agreement with or without cause at any time upon 30 days' prior written notice, according to a memo by the system's general consultant, Pension Consulting Alliance.
PCA also noted that Mark Williams, a TT International portfolio manager, plans to reduce his workload, becoming a limited partner in 2013; the firm plans to hire a replacement before then.