Los Angeles County Employees Retirement Association, Pasadena, Calif., plan to issue two RFPs to search for an alternative assets administrator and a total fund performance measurement provider, Steven P. Rice, chief counsel of the $54 billion pension fund, said in an email.
LACERA is expanding an RFI launched in October that sought a real estate and real asset administrator, searching instead for an administrator that can perform the services for all alternative investment asset classes in one contract.
"As we look to expand fund administration to real estate and real assets, it would be prudent to combine all alternative assets onto one platform as a means of streamlining LACERA's total fund accounting, performance, analytics, and reporting," a memo for the board's July 2 budget states. "What's more, the industry's significant investment in technology has increased administrators' abilities to do asset specific fund accounting, cash flow administration, and performance calculation in alternative investments."
Currently, LACERA has State Street under two administration contracts, one for private equity and the other for hedge funds. State Street had responded to the earlier RFI; the firm can rebid.
The performance measurement provider search follows the board's direction in May to enhance reporting by including fee attribution, fee monitoring for each asset class and ongoing fees paid to money managers compared to the managers' return and risk.
LACERA could hire one firm for both the alternative investment administration and performance measurement. The selections are expected to be made by the third quarter 2020.
Separately, LACERA has launched an RFP for an executive search firm to assist in the recruitment of a new CEO, Mr. Rice said.
Mr. Rice has assumed the CEO duties since Lou Lazatin was terminated on June 7, after seven months in the position.
The deadline for responses is July 22 with a final selection as early as July 29. LACERA officials expect to select a new CEO by Nov. 1.
The executive search RFP is on the LACERA website.