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Pension Funds

Los Angeles Water & Power Employees puts Fidelity on watch

Los Angeles Water & Power Employees' Retirement Plan placed Fidelity Institutional Asset Management on watch for its $562 million active international developed markets equity portfolio, Chief Investment Officer Jeremy Wolfson confirmed in an email.

The $14.3 billion retirement plan's board approved placing FIAM on watch at its April 10 meeting, citing performance concerns.

A Fidelity spokeswoman declined to comment.

As of Feb. 28, the actual allocation to international equities was 18.9%; the target is 19%.