US - The $6.7bn Los Angeles City Employees' Retirement System (LACERS) has hired Aronson & Partners and Pacific Financial Research to run mandates worth $400m.
Philadelphia-based Aronson & Partners will run a $200m active large cap value equities mandate, as will the Los Angeles-based fund manager, Pacific. The two were awarded their mandates by the fund's board last week.
Pension Consulting Alliance's (PCA) Allan Emkin assisted LACERS with the search.
Additionally, the LACERS board approved the raising of the fund's real estate allocation. The new LACERS real estate allocation target is now 7%, up two points from the previous setting.
By Geoffrey Ho
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers