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
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