US - The US$34bn Los Angeles County Employees Retirement Association (LACERA) has tendered for domestic equity enhanced index strategies with the aim of appointing up to three investment managers.
The mandates will be benchmarked to the S&P 500 Index and have less than 300 basis points of tracking error relative to the benchmark.
Applicants must have a minimum of $600m in total assets under management in domestic equity enhanced index strategies and at least 65% of the manager’ s quarterly one-year rolling excess returns (for the five years ended 31 December 2005) must be above the S&P 500 Index by a minimum of 30 basis points.
LACERA’s asset allocation stands at 57% equities, 27% domestic fixed income, 9% real estate and 5% alternatives.
Deadline for tender is 19 May.
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