Los Angeles Water & Power Employees’ Retirement Plan hired Emerald Advisers to manage $165 million in active domestic small-cap growth equities, said Carlo Manjikian, senior investment officer.
The $11.8 billion retirement system issued an RFP in January for a manager to run $140 million for the $10 billion pension fund and $25 million for the $1.7 billion retiree health-care fund.
The RFP was issued because it had been a while since the services were put up for bid, Mr. Manjikian said.
Incumbent manager Frontier Capital Management was invited to rebid and was one of the finalists, along with CastleArk Management, EAM Investors, Peregrine Capital Management and Wellington Management.
Investment consultant RVK assisted.