Los Angeles City Employees' Retirement System added a new 10% suballocation for emerging investment managers within each asset class, according to the minutes from the board's March 26 meeting.
Further information could not be learned by deadline.
Separately, officials at the $12.02 billion pension fund selected four firms as semifinalists in the search for active emerging markets equities: Research Affiliates and QMA for core; and Axiom and J.P. Morgan Investment Management for growth. No qualified proposals were received for value.
LACERS launched an RFP on Dec. 10 for one or more managers to run a total of $664 million in emerging markets equities across the core, growth and value styles, according to LACERS' website. The search was launched as part of its transition plan for a new asset allocation adopted on Jan. 10, 2012.
The board also extended the contract for Capital Guardian Trust's $476.6 million active European international equity portfolio. The contract was extended until April 25, 2014.
In other action, the board adopted a real estate investment plan that includes committing $25 million to one core manager, $28 million to $30 million to one value manager and $30 million to $32 million to one opportunistic manager. Real estate consultant Courtland will assist in the upcoming selection of managers.
The board also directed staff to draft a proposed policy for divestment of firearm manufactures “as staff deems appropriate” in active public separate account investments. A staff proposal would direct managers to refrain from investing companies that manufacture firearms prohibited fro ownership or sale in California. The proposal would exclude investments made as part of passive and private equity portfolios.
Rodney June, CIO, and Mimi Lin, LACERS spokeswoman, could not be reached by deadline.
