LAFPP Contract with Fisher Asset Management
The Board of Fire and Police Pension Commissioners held a special hearing to determine the future of the Fund’s contract with Fisher Asset Management. After a lengthy and deliberative discussion, the Board voted to terminate its contract with Fisher for management of an international large cap equity portfolio.The Board was open to practical solutions to make a positive change in the industry and to evaluate the best options for the Plan.
Representatives from Fisher Asset Management apologized and discussed their plans for formation of a task force to implement change within the company. However, the Board ultimately decided to withdraw its assets from Fisher.
A plan for transferring assets will be discussed at the next meeting of the Board on November 7, 2019.
Fisher Asset Management worked with the Plan for over 15 years.