The $3.1 billion Oklahoma Public Employees' Retirement System, Oklahoma City, will issue RFPs for an S&P 500 stock index manager, an international equity index manager and a fixed-income index manager. Only the domestic stock index manager will be funded immediately, said Steve Edmonds, executive director.
The timetable for selection has not been set.
Mr. Edmonds said the stock index manager would receive initial funding of about $45 million to $50 million as the fund's small-cap equity allocation is decreased to 9% of assets from the current 10%, in accordance with an asset allocation study adopted last week.
In addition, Mr. Edmonds said the fund would start to phase out its current $110.5 million investment in four real estate funds. The asset allocation study suggests a 0% to 3% range for real estate. Managers affected are Equitable Real Estate, J.P. Morgan, Prudential and Copley.