Los Angeles Fire & Police Pension Plan renewed the contracts of Northern Trust Asset Management for a $330.3 million passively managed international small-cap equity portfolio and Heitman for a $238.6 million real estate separate account, said Tom Lopez, chief investment officer for the $18.7 billion pension fund.
The contracts of both managers were set to expire Dec. 31.
Separately, the board consented to the ownership change of its real estate consultant, Townsend Group. In October, Townsend executives informed plan officials that NorthStar Asset Management Group would be acquiring the 70% interest in Townsend that was owned by private equity firm GTCR, plus a 15% stake from Townsend employees.
Townsend officials told the staff there will be no changes to its existing contract or to the consultants that serve the pension fund’s account.