Los Angeles Fire and Police Pensions (LAFPP) has retained AllianceBernstein as an investment manager of real estate investment trusts (REITs), extending its contract by a further three years.
AllianceBernstein has managed a passive REIT index strategy for the pension fund since 2015, tracking the FTSE EPRA/NAREIT developed index.
The $126m (€105m) separate account represents about two thirds of LAFPP’s total REIT portfolio.
Earlier this year it retained Cohen & Steers to invest in US REITs.
More than half (56%) of the AllianceBernstein-managed portfolio is invested in North American REITs, while 19% is invested in Europe.
LAFPP was advised by investment consultant RVK to retain AllianceBernstein, according to a board meeting report.