The $9.4 billion Los Angeles City Employees’ Retirement System (LACERS) has extended its request for a proposal for a general consultant to the end of January 2010, as it looks to consider for the first time using a pool of consultants to bid on special projects.
It is the first time the fund has considered unbundling the services of the consultant by employing a primary general pension consultant and a pool to bid on special projects, with the contract to begin in July next year.
The fund currently employs Courtland Partners as a real estate consultant, Hamilton Lane as an alternative investments consultant and Pension Consulting Alliance as a specialised alternative investments consultant.
The fund’s assets are externally managed by about 150 investment managers including more than 40 commingled real estate funds and 80 commingled alternative investment funds, and monitored by in house investment staff.
LACERS is looking for a consultant to provide advice and assistance on the review and update of objectives, benchmarks and performance evaluations as well as be open to other tasks as directed by the board and investment staff.
The fund has said consideration will be given to proposals from emerging firms to ensure that women and minorities have an opportunity to participate.