The Oklahoma Police Pension and Retirement System, Oklahoma City, hired PNC Equity Advisors to manage a small-cap equity growth portfolio.
PNC will manage $23.5 million of the fund's $900 million in assets starting Dec. 16, said Robert Wallace, executive director of the fund. The firm was hired based on performance, he said.
Target Investors had managed the portfolio and was terminated due to performance. Bob Zuccaro, president of Target, said the firm had simply found itself out of favor with the pension fund, after five years of top performance compared to other pension funds.