Los Angeles Fire & Police Pension System extended Marvin & Palmer Associates' contract to manage $212 million in emerging markets equity for up to six months, pending a current search for a replacement manager, Michael Perez, general manager of the $14.4 billion system, wrote in an e-mailed response to inquiries.
The move reverses a June 2 decision to park the assets in an emerging markets index account managed by Northern Trust when Marvin & Palmer's contract expired on June 30.
System staff and general consultant R.V. Kuhns recommended that Marvin & Palmer be retained because of the cost of moving the assets and length of time required to complete the RFP search. That search is expected to be completed by the end of the summer, Mr. Perez stated. Responses to the RFP were due July 1.
Separately, system officials extended for three years Principal Global Investors as manager of $237 million in active international emerging markets equities and retained Bridgewater Associates, which manages $294 million in a portable alpha strategy. The Bridgewater assignment is open-ended.