Oklahoma Teachers' Retirement System, Oklahoma City, named three finalists in its search for a sole passive equity manager, said Tom Spencer, executive director, in an email.
Northern Trust currently manages about $892 million in a cap-weighted S&P 500 index fund and State Street Global Advisors manages about $222 million in an equal weighted S&P 500 index.
An RFP was issued this spring. SSGA also rebid.
Final mandate types and allocation sizes are still being determined.
Separately, the $15.3 billion pension fund terminated Advisory Research as a master limited partnership manager. The strategy, in which the pension fund had $204 million invested as of July 31, had lower performance figures than the pension fund's two other MLP managers, Chickasaw Capital Management and Cushing Asset Management, Mr. Spencer wrote.
The assets will be transferred to one or both of the remaining MLP managers. As of July 31, the pension fund had $328 million invested with Chickasaw and $319 million with Cushing.
Advisory Research was also terminated as an active international small-cap equity manager in July. The strategy, which the pension fund had about $200 million invested, was put on alert in March 2016 because of the departure of a portfolio team member. In June, Advisory Research disclosed to the pension fund that two more members of the same team were leaving. The strategy was also moving toward a more quantitative approach, Mr. Spencer previously said.
A Piper Jaffray spokeswoman could not immediately be reached for comment on Advisory Research's termination. Piper Jaffray purchased Advisory Research in 2010.