The $12bn Los Angeles Department of Fire and Police Pensions is to put a $80m-$100m US high yield bond mandate out to tender.
The search will begin at the start of June and as yet no deadline for either responses or hiring has been set.
Additionally, the fund also has a $230m-$250m US large cap growth mandate out of tender. The closing date is the end of the May, although no deadline has yet been set for a final decision.
Tom Lopez, chief investment officer at the fund also revealed that Deutsche Bank has been retained by the fund to provide custody services for US and non US securities. Deutsche Bank has held the post since 1982 and the contract is for a three-year term, starting on July 1, 2001.
The $12bn fund has - since January 16 2001 - approximately $4.6bn in US large capitalisation equities; $941m in US small capitalisation equities; $1.6bn in international equities; $218m in international emerging market equities; $2.6bn in core bond holdings; $616m in high yield bond holdings; $357m in alternative investment holdings; $713m in real estate investments; and $260m in cash.
By Geoffrey Ho
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