Los Angeles Water & Power Employees' Retirement Plan will launch a search for an active extended global credit manager to run $750 million for its $15.3 billion defined benefit plan.
The retirement plan will issue the RFP on March 22, according to March 10 board meeting materials.
The selected manager will also run $130 million for the retirement plan's $2.7 billion health plan, the materials show.
The plan's board approved the RFP in October for a manager to potentially replace one of its incumbent active extended global credit managers. Further information on the incumbent manager was not available.
According to the plan's most recent investment report, as of Dec. 31, fixed income managers J.P. Morgan Asset Management, Macquarie Investment Management, Neuberger Berman and Wells Fargo Asset Management ran portfolios benchmarked to an extended credit custom index.
As of Dec. 31, the DB plan's actual allocation to fixed income was 23.6%.
The RFP will be posted on the plan's website. Proposals will be due at 4 p.m. PDT on April 9. A timeline for a selection has yet to be determined.
Investment consultant RVK is assisting.
Jeremy Wolfson, chief investment officer, and Carlo Manjikian, senior investment officer, could not be immediately reached for further information.
