Los Angeles City Employees’ Retirement System’s board renewed contracts with five managers —AJO, Axiom International Investors, Quantitative Management Associates, AQR Capital Management, and Oberweis Asset Management.
The actions were taken Sept. 27, according to the minutes of the $14.9 billion pension fund board’s meeting that day,
Quantitative Management Associates manages a $357 million active emerging markets core equities portfolio. The board extended QMA’s contract for three years. The firm’s current contract expires on Dec. 31.
Axiom manages a $321 million active emerging markets growth equity portfolio. The board extended Axiom’s contract for three years. Its current contract was set to expire Dec. 31.
AQR manages a $305 million active international small-cap equities portfolio. The board extended AQR’s contract, which was set to expire Jan. 31, for three years.
AJO manages $148 million in an active domestic large-cap value equities portfolio. The board extended AJO’s contract for one year, ending Oct. 31, 2017.
Oberweis Asset Management manages a $127 million active international small-cap equities portfolio. The board extended Oberweis’ contract for three years. It was set to expire on Dec. 31.
AJO has been a manager for LACERS since 2001; QMA and Axiom, since 2013; and AQR and Oberweis, since 2014.
Separately, the investment committee at its Tuesday meeting is scheduled to decide whether to recommend the board launch an RFP for a general investment consultant, according to the minutes of the board’s Sept. 27 meeting.
Incumbent Wilshire Associates’ contract is set to expire Dec. 31, a separate report for the board’s Tuesday meeting shows. The board had discussed the RFP at its Sept. 27 meeting but deferred the matter to the investment committee’s Tuesday meeting.
