Los Angeles Water & Power Employees' Retirement Plan on Wednesday rehired Pacific Asset Management to run its $197 million U.S. bank loan portfolio.
The plan, which has a total of $20.5 billion in defined benefit and retiree health plan assets, had issued an RFP in September for a potential replacement for Pacific Asset Management, according to materials for its Wednesday board meeting posted on its website.
The materials did not provide a reason why the board was considering replacing Pacific Asset Management.
The other finalists were Blackstone and KKR & Co.
Investment consultant RVK assisted.
Jeremy Wolfson, chief investment officer, could not be immediately reached for further information.
