Searches and Hires

Los Angeles Fire & Police taps 2 for international small-cap equity

Los Angeles Fire & Police Pension Plan hired Principal Global Investors and Trivalent Investments, a subsidiary of Victory Capital Management, to manage $225 million each in active international small-cap equity, according to a report for the $22.3 billion pension fund board.

Pension fund officials had launched an invitation-only search last year. The portfolio had been managed in a passive portfolio by Northern Trust Asset Management. The other finalist in the search was AQR Capital Management. The board launched the search following a restructuring of its international equity portfolio in April 2017. The pension fund had $3.6 billion in international equities and $1 billion in emerging markets equities as of Feb. 28.