Oklahoma City Employee Retirement System terminated PAAMCO Prisma from its hedge fund-of-funds portfolio.
The $730 million pension fund's board approved the termination at its virtual meeting Thursday, a video of the meeting shows.
The pension fund was invested in the Pacific Hedged Strategies fund, a liquid absolute-return fund of funds, said Jason Pulos, managing director at Asset Consulting Group, the fund's investment consultant, in the video.
The pension fund originally was going to invite potential replacement managers to its March board meeting but that was postponed, Mr. Pulos said. He recommended terminating PAAMCO Prisma now so the pension fund can redeem its investment per its contract agreement by Sept. 30, by which time it will likely reschedule the hiring of a replacement manager.
The amount of the investment and reason or termination was not provided in the video.
Rena Hutton, city treasurer, did not respond to requests for further information.