The investment committee of the $3 billion Oklahoma Public Employees Retirement System, Oklahoma City, recommended splitting a $125 million small-cap growth portfolio between Investment Advisers and T. Rowe Price. IAI now manages the entire account.
The retirement system and IAI agreed on the reduction because of fee considerations, said Steve Edmonds, executive director, and a search was initiated. Other finalists were Fiduciary Trust, Keystone Investments and Waddell and Reed.
The proposal will be reviewed by the trustees Feb. 15.
The C$350 million (U.S. $256 million) Prince Edward Island provincial pension fund master trust, Charlottetown, has put a manager under review for significant underperformance, said Harold Parker, investments officer. He would not identify the firm.
Trustees will decide in March whether to seek a replacement.
The manager runs between $70 million and $105 million in a balanced account, under broad discretion. Its current allocation is 20% foreign equities, including U.S. stocks; 2% Canadian real estate; 36% in Canadian equities; and the rest in Canadian fixed income.
Comstat Capital, the fund's consultant, is assisting in the review.
