SEARCHES AND HIRES

Oklahoma Firefighters signs Beutel, Goodman for large-cap value

Oklahoma Firefighters Pension & Retirement System, Oklahoma City, hired Beutel, Goodman & Co. to manage $75 million in active domestic large-cap value equity, said Troy Brown, director of consulting at The Bogdahn Group, investment consultant to the $2.1 billion pension fund, in an e-mail.

An RFP was issued last year. The other finalists were Brandywine Global Investment Management, Delaware Investments and Eagle Capital Management.

Funding will come from former domestic large-cap value equity manager Herndon Capital Management and low-volatility hedge-fund-of-funds manager Private Advisors. Herndon was terminated in August over its decision to maintain an overweight to energy, with which the pension fund disagreed. A Herndon spokeswoman declined to comment at the time.

The pension fund eliminated its 3% allocation to low-volatility hedge funds in February because diversification moves the system had made over the last several years, growing liquidity needs and performance concerns, Mr. Brown said at the time. A Private Advisors spokeswoman declined to comment at the time.