The $20 billion Los Angeles County Employees' Retirement Association has selected, subject to final negotiations, Scudder, Stevens & Clark as its new cash manager, said Juan Almaguer, investment officer for fixed income. The other finalists for the job were UBS Asset Management and Western Asset Management.
The fund will transfer about $1 billion from its existing cash manager, Bankers Trust, which is being dropped for cash management services. Bankers Trust remains as an indexed equity and fixed-income manager. The search was done primarily in-house with assistance from Frank Russel