The Los Angeles County Employees Retirement Association, Pasadena, Calif., dropped INVESCO Capital Management as a value equity manager with a yield tilt. The $482 million held by INVESCO will be transferred to the Lehman Aggregate fixed-income index fund run by Bankers Trust.
INVESCO was dropped because of a structural change in the investment approach of the $20 billion pension fund, and because it was felt the actively managed value equity with a yield tilt assignment was not adding value vs. a passive alternative. A spokesman for INVESCO said she didn't have ``final word'' on the change.
