Oklahoma Teachers' Retirement System, Oklahoma City, placed Bank of Ireland on notice for the performance of a $300 million EAFE fund, said Bill Puckett, CIO. Bank of Ireland had been on watch for several months, Mr. Puckett said, but trustees at the $6.5 billion system raised the level of scrutiny to "notice" and will continue to review the portfolio. No deadline has been set for further action, he said. Anne Banks, Bank of Ireland spokeswoman, did not return a call by press time seeking comment.
Separately, trustees removed index managers Standish Mellon and Northern Trust from watch, Mr. Puckett said. The firms run $500 million each, Standish Mellon in a Lehman Aggregate portfolio and Northern Trust in an S&P 500 index fund. Standish Mellon had been on watch since July, following the reorganization of its fixed-income business, Mr. Puckett said. Northern had been on watch since January because of its purchase of Deutsche Asset Management's passive equity business.
Marquette Associates is the consultant.