Ohio School Employees' Retirement System, Columbus, hired three managers and might hire more after an asset allocation study that should be completed after the first of the year.
The $5.6 billion fund hired INVESCO for a $75 million real estate separate account, Oak Associates for $25 million large-cap growth mandate and Johnson Investment Counsel for $10 million in core bonds. Funding came from cash. Frank Russell assisted in the INVESCO hiring and Ronald A. Karp Associates was the consultant for the other two hirings.
The hirings were made to complete changes from a prior asset allocation study, said Bob Cowman, assistant director of investments. The new asset review, being done by Frank Russell, is in response to the introduction of the prudent person rule that will go into effect March 1.