LACERS renews contract with Townsend

The $13.9 billion Los Angeles City Employees Retirement System’s investment committee approved a five-year renewal of its real estate consultant contract with The Townsend Group at its Oct. 25 board meeting.

The pension fund hired The Townsend Group in a three-year contract in 2013. During its tenure, Townsend helped reduce LACERS’ real estate portfolio risks by increasing its core real estate exposure and reducing its noncore real estate exposure.

Separately, LACERS has selected three semifinalists in its search for a general investment consultant. Among the selected are Aon Hewitt Investment Consulting, NEPC and Verus Advisory from a group of seven proposals that met the minimum qualifications, including current consultant Wilshire Associates. The s