The Los Angeles Water & Power Employees’ Retirement Plan interviewed four managers at its October 9 board meeting, further narrowing its search for a global equity manager that began in March.
Out of 62 firm submissions, four were selected as finalists to interview before the retirement board and consultant RVK: Axiom Investors, MFS Institutional Advisors, Ninety One, and Schroder Investment Management. In materials related to the search and interviews, in which it outlined the different approaches of the managers, the board did not indicate whether it has selected a winner and is next set to meet on October 23.
At the meeting, the board also approved a motion to adjust long-term target allocations within its equity sub-asset classes, based on recommendations by RVK. The largest reductions were in actively managed International large-cap, down to 15% from 20%, and US large-cap growth, which it reduced to 15% from 18.9%. The pension made the largest increases in its “global unconstrained” sleeve within equity, bumping its target to 10% from 6%, and in international small cap, which it increased to 6% from 4%.
According to Dakota Marketplace data, LA Water & Power has a market value of $21.45B.
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