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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