Oklahoma Firefighters’ Pension & Retirement System, Oklahoma City, hired three active domestic large-cap equity managers for the $1.2 billion system, said Robert Jones, executive director. Chase Investment Counsel and Holt-Smith & Yates will run $38 million each in a growth style, and Intech, $65 million in a core strategy. Funding came from terminating two managers: Provident Investment Counsel, which managed $61 million in active domestic growth equities, and a manager that Mr. Jones would not identify. Both were terminated because of performance, although Provident still manages $119 million in active domestic fixed income for the plan, he said. Officials at Provident were not available for comment about the termination.
Asset Consulting Group advised.
The system also increased its equity and fixed-income allocations; the additional money went to existing managers. Funding came from cash, Mr. Jones said. The system now has 65% of assets in equity and 35% in fixed income; the previous allocation was 61% equity, 36% fixed income and 3% cash, he said.
