Oklahoma Teachers Retirement System, Oklahoma City, hired Artemis to manage $120 million in active domestic small-cap growth equities and Tocqueville to run $120 million in active domestic large-cap value equities, said William Puckett, chief investment officer for the $5.9 billion plan.
Funding will come from a $120 million active domestic small-cap core equity portfolio managed by Denver Investment Advisors that was terminated last spring due to poor performance, Mr. Puckett said.
Christy Wood, director of value strategies at DIA, said the pension fund made "the worst decision at the worst time, citing DIAs 19% small-cap return for the year as of Nov. 3.
Those funds were managed in the interim by Aronson + Partners in a Russell 2000 futures account. Additional funding will come from reducing an active domestic large-cap value equity portfolio managed by Hotchkis and Wiley and an active domestic large-cap growth equity mandate run by Goldman Sachs, he said. The reductions have not been determined, and portfolio sizes were not available.
Marquette Alliance assisted.