Los Angeles City Deferred Compensation Plan named Invesco and incumbent manager Galliard Capital Management as finalists in its search for a stable value manager.
The $7.6 billion 457 plan issued an RFP in July for a firm to provide the underlying money management for the DCP Stable Value Fund, which had $1.3 billion in assets in the plan as of Sept. 30.
The plan's board approved the finalists at its Dec. 15 meeting, confirmed Steven Montagna, executive director. The two managers will make presentations at the board's Jan. 19 meeting. Mr. Montagna said a selection will take place at a future meeting.
Investment consultant Mercer is assisting.
