LADWP Selects EM Manager, Extends 2 Manager Contracts, OKs Interim Targets

The Los Angeles Water & Power Employees’ Retirement Plan (LADWP) has hired a new emerging markets manager, extended two other manager contracts in its fixed income and large cap value equity roster, and approved the adoption of an interim asset allocation structure proposed in December of last year. 

Agenda materials from January 22 revealed that the pension board selected AQR Capital Management as its emerging markets equity manager after a July search. Dakota previously reported on January 10 that the pension interviewed three other candidates—Acadian Asset Management, Arga Investment Management, and Man Numeric Investors—and was considering interim benchmarks. The board also approved a strategic asset allocation adjustment, raising the fixed income interim target to 22.5% from 20% and lowering the private credit interim target to 2.5% from 5%.

Additionally, the board voted to extend its contracts with fixed income manager Allspring Global Investment and large cap value equity manager T. Rowe Price for three years through June 30, 2028. The contract extensions were recommended by general consultant RVK, which assisted the pension in the performance reviews of both managers. 

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Written By: Dakota