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Oklahoma Firefighters signs Tortoise Capital Advisors for MLPs

Oklahoma Firefighters Pension & Retirement System, Oklahoma City, hired Tortoise Capital Advisors to manage $50 million in a master limited partnership strategy, pending successful contract negotiations, said Troy Brown, director of consulting at The Bogdahn Group, investment consultant to the $2.1 billion pension fund, in an e-mail.

Funding will come from rebalancing with no terminations. This is the pension fund’s first MLP investment and will fall under the “other equity” portfolio, which has a 5% policy target.