The $12bn Los Angeles Fire and Police Pension System has awarded TCW Group a $250m US large cap growth equities mandate.
Tom Lopez, the fund's chief investment officer, said that TCW fund manager Glen Bickerstaff would be running the mandate. The fund was assisted by Pension Consulting Alliance (PCA).
Additionally, the fund is in the process of selecting managers to run a $80m-$100m US high yield bond mandate. Lopez said that PCA and the fund were reviewing applications, and that an appointment will be made in August.
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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