Los Angeles City Employees' Retirement System officials expect to issue an RFP to evaluate the marketplace of active core fixed-income managers following the completion of an asset-liability study, according to minutes and agenda materials for the board's Jan. 23 meeting.
LACERS' general investment consultant, NEPC, presented an asset allocation report to the board at its Tuesday meeting. Information on that report was not available.
In the meantime, the board for the $17.8 billion pension fund extended until June 30, 2020, the contract of Neuberger Berman, which manages a $694 million active core fixed-income portfolio, to give LACERS officials time to conduct the search. No further information was available at press time.
Separately, LACERS extended its three-year contract with Bain Capital Credit for a $93.5 million active U.S. bank loans portfolio until June 30, 2021. The board extended the contract with Bain to allow LACERS to maintain a diversified exposure to U.S. bank loans.
Rodney June, LACERS' chief investment officer, could not be immediately reached for further information by press time.