The Los Angeles Fire & Police Pensions (LAFPP) hired Bryan Fujita as its new chief investment officer after an extensive search led by EFL Associates.
Fujita replaces Ray Joseph, who resigned last year after only one year at the $30 billion pension system. Fujita has more than two decades of both public and private investment expertise, most recently serving the last 10 years as the deputy chief investment officer at the Los Angeles City Employees’ Retirement System.
“I am delighted to welcome Bryan to our executive team and am confident that he will enhance LAFPP’s Investment Program amidst a constantly evolving economic environment, with the ultimate goal of serving and protecting the retirement benefits of the Plan’s public safety members,” said LAFPP General Manager Joseph Salazar.
Salazar was named the permanent general manager in March, following a nationwide executive recruitment process which began in June 2022. Ray Ciranna retired as general manager in September 2022, and to ensure a seamless transition of leadership, the board appointed Salazar as the interim general manager, effective September 25, 2022.
Around the time the searches kicked off for general manager and CIO posts, officials also were considering allocations to private credit. The new 2% allocation to private credit has remained unfunded while in recent months staffers continued contract negotiations with StepStone, LLC, the board’s selected private credit advisor. The pension system’s other alternative investment allocations include a 14% commitment to private equity; 10% to custom real estate; and 1% to commodities.
Previously, Fujita served as corporate treasury associate at the Walt Disney Company, managing equity and fixed income investments of the company’s then $4.5 billion pension fund. He also served as client banking investment executive and assistant vice president of wealth management at Wedbush Securities, managing investment portfolios for high-net-worth clients.
