Los Angeles Fire & Police System hired Reams Asset Management for a $400 million passive TIPS portfolio, replacing Western Asset Management, which ran a same-sized active TIPS portfolio, said Tom Lopez, chief investment officer for the $16.8 billion pension fund, in an e-mail.
Pension fund officials made the change to move to passive management of its TIPS fixed-income mandate. Additional information could not be learned by press time.
Separately, pension fund officials hired Portfolio Advisors to manage $411 million a specialized private equity portfolio.
They also selected three finalists — Franklin Templeton Investments, Harding Loevner and Morgan Stanley — for its search for an international emerging markets equity manager to run a $314 million portfolio. Principal Global Investors currently manages the portfolio, Mr. Lopez wrote.
The pension fund's board also opted to issue an RFP for an external audit or accounting firm to recalculate some private equity and real estate commingled fund fees. The RFP is expected to be posted on the pension fund's website in six to eight weeks.