LACERA Axes $560M Goldman Mandate
Los Angeles County Employees Retirement Association has ended Goldman Sachs Asset Management’s appointment.
Los Angeles County Employees Retirement Association (LACERA) has ended Goldman Sachs Asset Management’s appointment, Pensions & Investments reports. Goldman managed $560 million in core-plus fixed income for the board. LACERA will allocate the money to BlackRock‘s $514 million passively managed fixed-income portfolio, raising it to $1.074 billion. Goldman’s mandate was terminated to bring the core-plus exposure in line with the fund’s fixed-income suballocation targets.
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