Los Angeles City Employees’ Retirement System expects to launch an asset-liability study next winter, minutes of the Sept. 23 board meeting show.
In the meantime, Wilshire Associates, general investment consultant to the $14.4 billion pension fund, is holding a series of educational sessions on the process, including asset class assumptions, risk budgeting and new asset class strategies.
Currently, LACERS has target allocations of 29% non-U.S. equities; 24% domestic equities; 19% core fixed income; 12% alternative investments; 5% each real estate, public real assets and credit opportunities; and 1% cash.
Separately, LACERS extended to Oct. 31, 2015, the contract of Progress Investment Management Co., which manages a $71.7 million emerging managers’ all-cap equities fund-of-funds portfolio. The extension gives pension fund officials time to complete their search in switching to a new small-cap emerging managers fund-of-funds manager. In August, LACERS selected Capital Prospects Asset Management as a potential replacement for Progress.
