Los Angeles City Employees Retirement System

The president of Los Angeles' largest employee retirement system has resigned, becoming the sixth pension appointee of Mayor Antonio Villaraigosa to quit over the last six months. Eric Holoman stepped down last week from the Los Angeles City Employees' Retirement System board after Gov. Arnold Schwarzenegger signed a law placing new limits on private financial work performed by publicly appointed pension board members. Holoman is president of Magic Johnson Enterprises. Assemblyman Ed Hernandez (D-West Covina)

Los Angeles officials alleged in a lawsuit this week that they were misled by a longtime investment bank trying to protect its own financial interests, resulting in more than $95 million in losses to a city employee pension fund. City Atty. Carmen A. Trutanich said the Northern Trust Corp. shifted city money into more risky real estate and other investments without fully disclosing the danger to pension managers. The lawsuit also targets Pension Consulting Alliance Inc., a company that was contracted by the Los Angeles City Employees' Retirement System to serve as its own investment consultant.

Responding to investigations of public pension systems across the country, two members of the Los Angeles City Council called Wednesday for a reduction in Mayor Antonio Villaraigosa's power to pick pension board members. Councilmen Dennis Zine and Bernard C.

The former top executive of one of Los Angeles' public employee pension systems rented an apartment from a company that at the same time was securing millions of dollars in public funds from his agency. Robert Aguallo, who served as general manager of the City Employees' Retirement System until last year, was a tenant in a CIM Group apartment building in 2007, when his agency's board voted to invest $15 million in CIM's Fund III. Aguallo attorney Fred Woocher confirmed that his client lived at Gas Company Lofts in downtown Los Angeles for roughly three years, moving out in April 2009.

The leader of the California Public Employees' Retirement System -- the country's largest public pension fund -- on Monday ordered its staff to draft a policy requiring investment companies hired by the fund to disclose fees paid to the firms' outside marketers.

The Los Angeles City Ethics Commission is investigating whether laws were violated by a former city department head who took a job with a Los Angeles-based investment company less than three months after his agency acted to benefit the firm, according to sources familiar with the probe. Although ethics officials declined to confirm or deny the inquiry, several sources say investigators have asked about Robert Aguallo Jr.

A pension board appointee of Los Angeles Mayor Antonio Villaraigosa may have violated city law by accepting a campaign donation from a Los Angeles businessman whose client sought a $10-million investment from the board. Kelly Candaele, who served until three weeks ago on the board of the Los Angeles City Employees' Retirement System, received $1,000 on Dec. 2 from Dan Weinstein, managing director of Wetherly Capital Group. That firm pitches investments to city and state pension boards.

Another pension appointee of Los Angeles Mayor Antonio Villaraigosa resigned Tuesday, the seventh to depart in the last six months amid increased scrutiny of the state's public employee retirement systems. Board member Moctesuma Esparza said in a letter that he was stepping down from the City Employees' Retirement System because of a new law barring pension board members from selling investment products to other public retirement systems. Assembly Bill 1584, signed earlier this month, is intended "to draw a bright line" between those serving on a board as a public service and those who have private business to promote, said Karon Green, chief consultant to the state Assembly committee that reviewed the bill.

The former top executive of one of Los Angeles' public employee pension systems rented an apartment from a company that at the same time was securing millions of dollars in public funds from his agency. Robert Aguallo, who served as general manager of the City Employees' Retirement System until last year, was a tenant in a CIM Group apartment building in 2007, when his agency's board voted to invest $15 million in CIM's Fund III. Aguallo attorney Fred Woocher confirmed that his client lived at Gas Company Lofts in downtown Los Angeles for roughly three years, moving out in April 2009.

Los Angeles officials alleged in a lawsuit this week that they were misled by a longtime investment bank trying to protect its own financial interests, resulting in more than $95 million in losses to a city employee pension fund. City Atty. Carmen A. Trutanich said the Northern Trust Corp. shifted city money into more risky real estate and other investments without fully disclosing the danger to pension managers. The lawsuit also targets Pension Consulting Alliance Inc., a company that was contracted by the Los Angeles City Employees' Retirement System to serve as its own investment consultant.

Another pension appointee of Los Angeles Mayor Antonio Villaraigosa resigned Tuesday, the seventh to depart in the last six months amid increased scrutiny of the state's public employee retirement systems. Board member Moctesuma Esparza said in a letter that he was stepping down from the City Employees' Retirement System because of a new law barring pension board members from selling investment products to other public retirement systems. Assembly Bill 1584, signed earlier this month, is intended "to draw a bright line" between those serving on a board as a public service and those who have private business to promote, said Karon Green, chief consultant to the state Assembly committee that reviewed the bill.

The president of Los Angeles' largest employee retirement system has resigned, becoming the sixth pension appointee of Mayor Antonio Villaraigosa to quit over the last six months. Eric Holoman stepped down last week from the Los Angeles City Employees' Retirement System board after Gov. Arnold Schwarzenegger signed a law placing new limits on private financial work performed by publicly appointed pension board members. Holoman is president of Magic Johnson Enterprises. Assemblyman Ed Hernandez (D-West Covina)

Responding to investigations of public pension systems across the country, two members of the Los Angeles City Council called Wednesday for a reduction in Mayor Antonio Villaraigosa's power to pick pension board members. Councilmen Dennis Zine and Bernard C.

A pension board appointee of Los Angeles Mayor Antonio Villaraigosa may have violated city law by accepting a campaign donation from a Los Angeles businessman whose client sought a $10-million investment from the board. Kelly Candaele, who served until three weeks ago on the board of the Los Angeles City Employees' Retirement System, received $1,000 on Dec. 2 from Dan Weinstein, managing director of Wetherly Capital Group. That firm pitches investments to city and state pension boards.

The leader of the California Public Employees' Retirement System -- the country's largest public pension fund -- on Monday ordered its staff to draft a policy requiring investment companies hired by the fund to disclose fees paid to the firms' outside marketers.

The Los Angeles City Ethics Commission is investigating whether laws were violated by a former city department head who took a job with a Los Angeles-based investment company less than three months after his agency acted to benefit the firm, according to sources familiar with the probe. Although ethics officials declined to confirm or deny the inquiry, several sources say investigators have asked about Robert Aguallo Jr.

Most Americans -- unless they read the daily financial press -- are probably not fully aware of the influence that private equity funds now have on business in the United States and on the economy as a whole. But perhaps it's time to start paying attention. With half a trillion dollars in capital, these lightly regulated firms are transforming the lives of millions of people in the United States. The 20 top private equity firms control companies with more than 4 million employees.

The Los Angeles City Employees' Retirement System has signed a 10-year, $3.5-million lease for the 8th floor of Brunswig Square, 360 E. 2nd St.