Updated with clarification
Los Angeles Water & Power Employees' Retirement Plan hired AllianceBernstein to manage $300 million to $350 million in active international small-cap equities, said Jeremy Wolfson, chief investment officer.
The $15 billion pension fund issued an RFP in December for one or two active international small-cap equity managers as a result of a restructuring of the pension fund's global equity portfolio.
The restructuring, which was approved by the board in November 2017, created a 4% target to active international small-cap equities.
The other finalists were Principal Global Investors, Schroders, Strategic Global Advisors and Victory Capital Management.
Investment consultant RVK assisted.
