The board of Los Angeles Fire & Police Pensions voted to stick with Brandes Investment Partners, which manages a $1.1 billion active international equity portfolio, through July 31, 2022, the end of its contract term.
It was not a renewal or extension of Brandes' contract. Rather, the board's vote was to decide whether or not to keep Brandes until the end of its existing contract, said Tom Lopez, CIO in an email.
The board of the $29.6 billion voted May 6 to keep Brandes in light of a recent rebound in value strategies after a challenging decade, leading the firm to beat its benchmark.
LAFPP also extended the contract of Frontier Capital Management Co, which manages a $900 million domestic small-cap equity portfolio. The new contract will run until June 2024.