Los Angeles Water & Power Employees' Retirement Plan hired Ninety One as active unconstrained global equity manager to run about $360 million for its $17.8 billion defined benefit plan.
The board approved the hiring at its Oct. 9 meeting, according to a notice of the resolution on its website.
The retirement plan issued an RFP in March for a second unconstrained global equity manager to complement current manager Boston Partners.
The search was the result of an increase in the target to unconstrained global equities to 10% of the DB plan's overall 46% target to global equities from 6% following a structural review conducted by staff and investment consultant RVK in 2023.
The other finalists were Axiom Investors, MFS Investment Management and Schroders.
Funding will come from rebalancing and the reduction of Boston Partners’ portfolio from $499 million to $360 million.
Investment consultant RVK assisted.
