Los Angeles City Employees' Retirement System picked three semifinalists to manage an active long-only U.S. real estate investment trust portfolio of about $65 million, minutes of the $13.5 billion pension fund's June 10 meeting show.
No date was given for when the board will make a decision on hiring a firm.
Wilshire Associates, the pension fund's general investment consultant, is assisting with the search. While the RFP was for global or domestic REITs, Wilshire recommended the three semifinalists for a domestic portfolio “primarily due to better risk-adjusted performance and longer track records relative to global REITs,” the materials stated.
In other action, the board extended State Street Global Advisors' contract to run a $1.41 billion non-U.S. core equity index fund through June 30, 2017. The portfolio is benchmarked to the MSCI World ex-U.S. Investible Market index.