Oklahoma City Employee Retirement System hired Grantham Mayo Van Otterloo to manage $15 million in active international value equities, said Rena Hutton, retirement system manager. The $357 million system will also begin a shortlist search this month for its first active international growth equity manager, which will run $15 million, Ms. Hutton said. Interviews have been tentatively scheduled for the Nov. 10 system board meeting, with a decision possible that day. Asset Consulting Group is assisting.
Ms. Hutton said funding for both active portfolios will come from terminating five passive international mutual funds in which the system has invested a total of $30 million: Scudder International; T. Rowe Price International; Templeton Foreign; Vanguard International Growth; and State Street Global Advisors EAFE Index. The funds will be dropped in January, she said.
Board members decided to move the fund's international equities into active management, Ms. Hutton said.