Baton Rouge & Parish of East Baton Rouge (La.) Retirement System terminated Oppenheimer Capital as an active large-cap value equity manager for performance reasons.
The $145 million portfolio will be handed to existing manager Barclays Global, which will run it in a Russell 1000 index portfolio. As an active manager, Oppenheimer was not beating its S&P 500 benchmark, said Jeff Yates, retirement administrator for the $739 million fund. Summit Strategies assisted.
Oppenheimer officials could not be reached for comment.